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This paper deals with the ageing behavior of different circuit-breaker types. Furthermore, the model simplifies the condition control of pieces of equipment and provides the asset manager with information about the yearly capital and operational expenditures (CAPEX and OPEX). Capital expenditures include new installation costs in consequence of replacement and grid enlargement and operational expenditures...
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...
Wind energy on a power system alters the unit commitment and dispatch problem, as it adds a stochastic element due to the uncertainty of wind power forecasts. By explicitly taking into account the stochastic nature of wind power, it is expected that better schedules should be produced, thereby reducing costs on the system. This paper compares a stochastically optimised unit commitment and dispatch...
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