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Optimal reserve capacity allocation with consideration of customer reliability requirements

Najafi, M ; Sharif University of Technology

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  1. Type of Document: Article
  2. DOI: 10.1016/j.energy.2010.05.044
  3. Abstract:
  4. An algorithm for determining optimal reserve capacity in a power market is presented in this paper. Optimization process in the proposed algorithm is based on the cost-benefit trade off. Market clearance is executed with consideration of uncertainties of power system components in an aggregated environment. It is assumed that both generating units and interruptible loads participate in the reserve market. In addition, customers' reliability requirements are considered as constraints for decision making process of ISO. The rendered method considers random outages of generating units and transmission lines and determined outage of interruptible loads and employs Monte Carlo Simulation (MCS) for scenarios generation. Unlike previous methods in which a constant value is assumed for cost of the energy not supplied, a flexible value for this parameter is applied which shows an important effect in the evaluation results. The performance of the proposed method has been examined on the IEEE-Reliability Test System (IEEE-RTS). ﾩ 2010 Elsevier Ltd
  5. Keywords:
  6. Cost-benefit trade off ; Flexible Value of Lost Load (FVOLL) ; Interruptible Loads (ILs) ; Reliability requirements ; Stochastic capacity allocation ; Optimal reserve capacity ; Stochastic capacity ; Value of lost load ; Algorithms ; Computer simulation ; Cost effectiveness ; Costs ; Customer satisfaction ; Decision making ; Electric load management ; Monte Carlo methods ; Optimization ; Outages ; Reliability ; Stochastic systems ; Commerce ; Cost-benefit analysis ; Electricity supply ; Energy market ; Monte Carlo analysis ; Performance assessment ; Power generation ; Reliability analysis ; Trade-off
  7. Source: Energy ; Vol. 35, issue. 9 , 2010 , p. 3883-3890 ; ISSN: 03605442
  8. URL: http://www.sciencedirect.com/science/article/pii/S0360544210003142