Risk averse optimal operation of a virtual power plant using two stage stochastic programming
|Title:||Risk averse optimal operation of a virtual power plant using two stage stochastic programming||Authors:||Tajeddini, Mohammad Amin
|Permanent link:||http://hdl.handle.net/10197/6116||Date:||14-Aug-2014||Online since:||2014-11-07T09:06:35Z||Abstract:||VPP (Virtual Power Plant) is defined as a cluster of energy conversion/storage units which are centrally operated in order to improve the technical and economic performance. This paper addresses the optimal operation of a VPP considering the risk factors affecting its daily operation profits. The optimal operation is modelled in both day ahead and balancing markets as a two-stage stochastic mixed integer linear programming in order to maximize a GenCo (generation companies) expected profit. Furthermore, the CVaR (Conditional Value at Risk) is used as a risk measure technique in order to control the risk of low profit scenarios. The uncertain parameters, including the PV power output, wind power output and day-ahead market prices are modelled through scenarios. The proposed model is successfully applied to a real case study to show its applicability and the results are presented and thoroughly discussed.||Type of material:||Journal Article||Publisher:||Elsevier||Journal:||Energy||Volume:||73||Issue:||2014||Start page:||958||End page:||967||Copyright (published version):||2014 Elsevier||Keywords:||VPP; Two-stage stochastic programming; Risk; CVaR; Scenario based modelling; Uncertainty||DOI:||10.1016/j.energy.2014.06.110||Language:||en||Status of Item:||Peer reviewed|
|Appears in Collections:||Electrical and Electronic Engineering Research Collection|
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