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Stochastic network constrained payment minimisation in electricity markets
, Article IET Generation, Transmission and Distribution ; Volume 13, Issue 11 , 2019 , Pages 2268-2279 ; 17518687 (ISSN) ; Hosseini, S. H ; Keane, A ; Sharif University of Technology
Institution of Engineering and Technology
2019
Abstract
This study presents a novel framework to incorporate the uncertainties associated with load fluctuations and components' availability in a day-ahead joint energy-reserve payment cost minimisation (PCM). The payments are calculated based on locational marginal prices (LMPs). Considering these uncertainties, appropriate definitions are not available for energy and reserve LMPs (RLMPs) that suit the probabilistic PCM formulation and reflect the market characteristics. A tri-level optimisation framework is proposed. The optimisation variables in the first-level optimisation include commitment status. In the second-level optimisation, the production schedule and allocated reserves are the...