Hydro-thermal Power Reserve Allocation Under Outage Uncertainty
DOI:
https://doi.org/10.13052/spee1048-5236.4345Keywords:
Energy markets, power plant scheduling, energy storage, reliable operation, stochastic optimization, power reserve, Monte-Carlo simulationAbstract
In recent decades, the energy sector, namely energy markets have proved to be changing considerably. Most of these changes result in increasing volatility related to global political and environmental factors. This volatility affects all entities operating in the power sector. This paper focuses on the power plant operator’s perspective. First, the global context of the power sector is discussed and the power plant operator’s role is reviewed. Further, the problem of power reserve is discussed revealing the motivations of the presented work. The central contribution of this work lies in the formulation and development of a stochastic model of power reserve coupled with a mixed-integer programming scheduling model. In the results section, we show that the developed model allocates power reserve in an optimal way respecting the technical and economic parameters of the power plants as well as handling the stochastic nature of the power reserve allocation problem by minimizing the mean value of the sum of penalty for not delivering contracted power and lost opportunity.
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