Effect of Risk Aversion on Reserve Procurement With Flexible Demand Side Resources From the ISO Point of View

In this study, a two-stage stochastic programming joint day-ahead energy and reserve scheduling model to address uncertainty in wind power generation is developed. Apart from the generation side, the demand side is also eligible as a reserve resource and is modeled through responsive load aggregatio...

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Bibliographic Details
Published in:IEEE transactions on sustainable energy 2017-07, Vol.8 (3), p.1040-1050
Main Authors: Paterakis, Nikolaos G., de la Nieta, Agustin A. Sanchez, Bakirtzis, Anastasios G., Contreras, Javier, Catalao, Joao P. S.
Format: Article
Language:English
Subjects:
Ancillary services
Aversion
conditional value-at-risk (CVaR)
Demand
demand response
Electric power generation
Electrical loads
Energy
Generators
Job shop scheduling
Load modeling
Penetration
Probability theory
Procurement
Renewable energy
Reserve scheduling
reserves
Resource scheduling
Risk aversion
Risk levels
risk management
Scheduling
Spinning
Stochasticity
Wind power
Wind power generation
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Summary:In this study, a two-stage stochastic programming joint day-ahead energy and reserve scheduling model to address uncertainty in wind power generation is developed. Apart from the generation side, the demand side is also eligible as a reserve resource and is modeled through responsive load aggregations, as well as large industrial loads that directly participate in the scheduling procedure. The main contribution of this paper is the inclusion of a risk metric, namely the conditional value-at-risk, which renders a conceptually different resource scheduling framework. The proposed model is employed in order to analyze the behavior of energy and reserve scheduling by both generation and demand for a risk-averse independent system operator. To reach practical conclusions, the proposed methodology is tested on the real non-interconnected insular power system of Crete, Greece, which is characterized by a significant penetration of wind power generation.
ISSN:1949-3029
1949-3037
DOI:10.1109/TSTE.2016.2635099