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The increasing shares of renewable energy in power systems have a significant impact on the operation of electricity markets and grids worldwide. This paper provides an overview of the main challenges that high shares of renewable generation introduce in the power system management and electricity markets operation as well as a brief description of potential solutions for alleviating the negative...
The increased penetration of renewables in the power generation mix increases the uncertainty and variability in power system scheduling and operation. Variability and uncertainty are met in different volumes and in different time scales. To face these challenges, system operators schedule increased reserves and use unit commitment models with sub-hourly intervals. The authors have presented in recent...
Electric power system network planning is influenced by the uncertainty in many parameters, such as future customer-demand/fossil-fuel-price parameter projections and new generation plant locations, which can generally be modeled in an approximate or subjective manner at best. Historically recorded wind power data presented here supports the contention that medium-term wind power generation profiles...
Because generators are limited rationality and their bidding strategies exist risk and uncertainty, this paper proposes a generators' bidding model which is constructed by value function and weight function based on cumulative prospect theory. Value function shows the changes of losses and gains, and weight function reflects players' psychological risk factors. The prospect value of bidding strategy...
In electricity markets, the network is expected to transfer more power to promote profit, but the transfer capability will be affected by uncertainties. In order to quantify the probability and consequence of these uncertainties, the theory of risk is proposed to assess the available transfer capability (ATC). The means clustering method is used to layer the ATC values considering the uncertainties...
Significant socio-political pressure is being exerted on utilities throughout the world to expand their production and delivery of electrical energy by including renewable energy sources. To conduct meaningful analyses so that decisions may be taken in the procedures of planning, design, economics and technology, appropriate models must be derived for both loads and energy sources. The most difficult...
Power generation projects are usually capital-intensive and require long lead time, while power consumption demands high reliability of supply service. Therefore this kind of investment faces much complex situation and uncertainties especially in the liberalized electricity market. The uncertain factors bring risks and affect the benefit of the investment. The traditional DCF method supposes that...
This paper analyzes the historical data of power bidding with econometrics method, and simulates the uncertainty of bidding market into logistic distribution. Based on the results, the risk-constrained power bidding strategy model is proposed by using the CVaR method. Finally, the simulation results of the model show that the equilibrium bid is the lower limit governed by market rule to risk-averse...
The objective of economic dispatch (ED) problem is minimizing the operating cost, and finding the point where the total output of the generations equals the total power that must be delivered. In that point the incremental cost of power generation is also equal for all generators. Considering the presence of uncertainty and inaccuracy in the data, fuzzy set theory is an appropriate method to solve...
Demand uncertainty is one of the most significant factors of uncertainty in short-term operation of power system which might lead to higher operating cost. This paper proposes a method to determine the cost of demand uncertainty incurred in short-term generation scheduling. The cost is considered as the increase of generation scheduling cost to cope with uncertainty. A decision analysis model is used...
For many years, the electric power industry treated electricity as a unique commodity sold to costumers. Nowadays, the new electricity industry has identified several key ancillary services. Under this new scenario, the producer's primary goal is the selection of services in which to participate via assessing the potential profits as part of the decision-making. Purchasing additional information can...
The process of determining whether a power system is secure or insecure is specially important under power market conditions. Voltage security is an indispensable aspect of power system security. In recent years, more and more researchers have focused theirs eye on dynamic aspect of voltage stability. In order to overcome the time-consuming deficiency of time domain simulation, this paper develops...
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