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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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Published in: | IEEE transactions on sustainable energy 2017-07, Vol.8 (3), p.1040-1050 |
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creator | Paterakis, Nikolaos G. de la Nieta, Agustin A. Sanchez Bakirtzis, Anastasios G. Contreras, Javier Catalao, Joao P. S. |
description | 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. |
doi_str_mv | 10.1109/TSTE.2016.2635099 |
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Sanchez ; Bakirtzis, Anastasios G. ; Contreras, Javier ; Catalao, Joao P. S.</creator><creatorcontrib>Paterakis, Nikolaos G. ; de la Nieta, Agustin A. Sanchez ; Bakirtzis, Anastasios G. ; Contreras, Javier ; Catalao, Joao P. S.</creatorcontrib><description>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. 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S.</creatorcontrib><title>Effect of Risk Aversion on Reserve Procurement With Flexible Demand Side Resources From the ISO Point of View</title><title>IEEE transactions on sustainable energy</title><addtitle>TSTE</addtitle><description>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. 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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 |
title | Effect of Risk Aversion on Reserve Procurement With Flexible Demand Side Resources From the ISO Point of View |
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