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Risk-aware stochastic bidding strategy of renewable micro-grids in day-ahead and real-time markets
, Article Energy ; Volume 171 , 2019 , Pages 689-700 ; 03605442 (ISSN) ; Ehsan, M ; Mohammadi Ivatloo, B ; Sharif University of Technology
Elsevier Ltd
2019
Abstract
A comprehensive optimal bidding strategy model has been developed for renewable micro-grids to take part in day-ahead (energy and reserve) and real-time markets considering uncertainties. A two-stage stochastic programming method has been employed to integrate the uncertainties into the problem. Moreover, the Latin hypercube sampling method has been proposed to generate the wind speed, solar irradiance, and load realizations via Weibull, Beta, and normal probability density functions, respectively. In addition, a hybrid fast forward/backward scenario reduction technique has been applied to reduce the large number of scenarios. Furthermore, the risk of participation in the markets has been...
Stochastic modeling of the energy supply system with uncertain fuel price - A case of emerging technologies for distributed power generation
, Article Applied Energy ; Volume 93 , 2012 , Pages 668-674 ; 03062619 (ISSN) ; Saboohi, Y ; Sharif University of Technology
2012
Abstract
A deterministic energy supply model with bottom-up structure has limited capability in handling the uncertainties. To enhance the applicability of such a model in an uncertain environment two main issues have been investigated in the present paper. First, a binomial lattice is generated based on the stochastic nature of the source of uncertainty. Second, an energy system model (ESM) has been reformulated as a multistage stochastic problem. The result of the application of the modified energy model encompasses all uncertain outcomes together and enables optimal timing of capacity expansion. The performance of the model has been demonstrated with the help of a case study. The case study has...