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The following topics are dealt with: uncertainty forecasting; wind generation; decision making; generation planning; load forecasting; power generation scheduling; ageing model; power system reliability; distributed generation; failure probability; transformer reliability; electricity markets; power equipment optimal allocation; power system protection; power system planning; and HVDC.
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...
Spinning contingency reserve is idle capacity connected to the system to ensure reliable system operations in the case of equipment outages. The reserve has an economic value since it reduces the outage costs. In several electricity markets, reserve demand functions have been implemented to take into account the value of reserve in the market clearing process. These often take the form of a step-down...
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