Nodal probabilistic congestion and reliability evaluations of a transmission system under the deregulated electricity market

2001 ◽  
Author(s):  
Jaeseok Choi ◽  
Hongsik Kim ◽  
Junmin Cha ◽  
R. Billinton
Keyword(s):  
Electricity Market ◽  
Transmission System ◽  
Deregulated Electricity Market

Stochastic control for risk under deregulated electricity market — a case study using a new formulation

2005 ◽  
Vol 32 (4) ◽  
pp. 719-725 ◽  
Author(s):  
Joyce Li Zhang ◽  
K Ponnambalam
Keyword(s):  
Electricity Market ◽  
Explicit Method ◽  
State Variables ◽  
Risk Minimization ◽  
Solution Approach ◽  
Second Moments ◽  
Deregulated Electricity Market ◽  
New Formulation ◽  
Dual Dynamic Programming

This paper describes the implementation of a new solution approach — Fletcher-Ponnambalam model (FP) — for risk management in hydropower system under deregulated electricity market. The FP model is an explicit method developed for the first and second moments of the storage state distributions in terms of moments of the inflow distributions. This method provides statistical information on the nature of random behaviour of the system state variables without any discretization and hence suitable for multi-reservoir problems. Also avoiding a scenario-based optimization makes it computationally inexpensive, as there is little growth to the size of the original problem. In this paper, the price uncertainty was introduced into the FP model in addition to the inflow uncertainty. Lake Nipigon reservoir system is chosen as the case study and FP results are compared with the stochastic dual dynamic programming (SDDP). Our studies indicate that the method could achieve optimum operations, considering risk minimization as one of the objectives in optimization.Key words: reservoir operations, explicit method, uncertainty, stochastic programming, risk.

Deregulated electricity market, a stochastic variational approach

2021 ◽  
Vol 103 ◽  
pp. 105493
Author(s):  
Michele Limosani ◽  
Monica Milasi ◽  
Domenico Scopelliti
Keyword(s):  
Electricity Market ◽  
Variational Approach ◽  
Deregulated Electricity Market

scholarly journals Analysis of a Stochastic Programming Model for Optimal Hydropower System Operation under a Deregulated Electricity Market by Considering Forecasting Uncertainty

Water ◽  
2018 ◽  
Vol 10 (7) ◽  
pp. 885 ◽  
Author(s):  
Bin Xu ◽  
Ping-An Zhong ◽  
Baoyi Du ◽  
Juan Chen ◽  
Weifeng Liu ◽  
...  
Keyword(s):  
Stochastic Programming ◽  
Electricity Market ◽  
Energy Production ◽  
Programming Model ◽  
Optimal Operation ◽  
Spot Price ◽  
Deregulated Electricity Market ◽  
Hydropower System ◽  
Stochastic Programming Model ◽  
Hydropower Operation

In a deregulated electricity market, optimal hydropower operation should be achieved through informed decisions to facilitate the delivery of energy production in forward markets and energy purchase level from other power producers within real-time markets. This study develops a stochastic programming model that considers the influence of uncertain streamflow on hydropower energy production and the effect of variable spot energy prices on the cost of energy purchase (energy shortfall). The proposed model is able to handle uncertainties expressed by both a probability distribution and discretized scenarios. Conflicting decisions are resolved by maximizing the expected value of net revenue, which jointly considers benefit and cost terms under uncertainty. Methodologies are verified using a case study of the Three Gorges cascade hydropower system. The results demonstrate that optimal operation policies are derived based upon systematic evaluations on the benefit and cost terms that are affected by multiple uncertainties. Moreover, near-optimal operation policy under the case of inaccurate spot price forecasts is also analyzed. The results also show that a proper policy for guiding hydropower operation seeks the best compromise between energy production and energy purchase levels, which explores their nonlinear tradeoffs over different time periods.

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