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Day-ahead uncertainty management in power systems has traditionally been approached by means of multistage decision making and operating reserve requirements. An alternate approach for managing uncertainty is a stochastic formulation, which allows the explicit modeling of the sources of uncertainty. The large investments in wind power has increased the importance of operations uncertainty management...
Multi-stage decision making, a fundamental tenet of stochastic programming, resonates well with the practice of the electricity markets. The day-ahead market, used to commit the generators, bears uncertainty in the power demand and physical conditions of the generators and transmission lines. The situation becomes less uncertain in the real-time market, where the dispatch is decided. Although traditional...
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