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System Lambda, i.e. the Shadow Price for the Power Balance constraint, is equal to the change in the SCED objective function obtained by relaxing the Power Balance constraint by 1MW. The System Lambda is the energy component of Locational Marginal Price at each Settlement Point in ERCOT.
Ancillary services are purchased by ERCOT in the day-ahead market to balance the next days supply and demand of electricity on the grid and mitigate real time operational issues.
Ancillary services are commonly known in the industry as a collection of secondary services offered to help insure the reliability and availability of energy to consumers. These services include regulation, spinning reserve, supplemental reserve, voltage regulation, black-start and others.
Power market ancillary services refer to a series of services needed for maintaining the secure and stable operation of the power system or recovering system security, ensuring power supply, and meeting voltage, frequency quality, and other requirements.
The term ancillary services is used to refer to a variety of operations beyond generation and transmission that are required to maintain grid stability and security. These services generally include active power control or frequency control and reactive power control or voltage control, on various timescales.
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ERCOT recently added a new Ancillary Service called ECRS to provide additional support to stabilize the Texas electric grid. Historically, ERCOT has utilized 4 Ancillary Services to stabilize the Grid: Regulation up, Regulation Down, Responsive Reserve Service and Non-Spin Reserve Service.

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