A robust optimisation approach using CVaR for unit commitment in a market with probabilistic offers

Bukhsh, W. A. and Papakonstantinou, A. and Pinson, P. (2015) A robust optimisation approach using CVaR for unit commitment in a market with probabilistic offers. In: IEEE International Energy Conference, 2016-04-04 - 2016-04-08. (In Press)

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Abstract

The large scale integration of renewable energy sources (RES) challenges power system planners and operators alike as it can potentially introduce the need for costly investments in infrastructure. Furthermore, traditional market clearing mechanisms are no longer optimal due to the stochastic nature of RES. This paper presents a risk-aware market clearing strategy for a network with significant shares of RES.We propose an electricity market that embeds the uncertainty brought by wind power and other stochastic renewable sources by accepting probabilistic offers and use a risk measure defined by conditional value-at-risk (CVaR) to evaluate the risk of high re-dispatching cost due to the mis-estimation of renewable energy. The proposed model is simulated on a 39-bus network, whereby it is shown that significant reductions can be achieved by properly managing the risks of mis-estimation of stochastic generation.

  • Item type:Conference or Workshop Item(Paper)
    ID code:56128
    Dates:
    Date
    Event
    1 September 2015
    Published
    1 September 2015
    Accepted
    Notes:© 2016 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting/republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works
    Subjects:Technology > Electrical engineering. Electronics Nuclear engineering
    Department:Faculty of Engineering > Electronic and Electrical Engineering
    Depositing user: Pure Administrator
    Date deposited:12 Apr 2016 14:33
    Last modified:09 Apr 2024 06:13
    Related URLs:
    URI:https://strathprints.strath.ac.uk/id/eprint/56128
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