Risk-based Unit Commitment

Author

Li, Yuan ; McCalley, James D. ; Ryan, Sarah

Author_Institution

Dept. of Electr. & Comput. Eng., Iowa State Univ., Ames, IA

fYear

2007

fDate

24-28 June 2007

Firstpage

1

Lastpage

7

Abstract

In this paper, a risk-based unit commitment (RBUC) approach for the day-ahead market is introduced. A risk-based economic dispatch, an independent part of the risk- based unit commitment, can be used for the real-time market. This provides for consideration of both economic benefit as well as reliability within a single integrated approach. A three-stage stochastic programming problem is formulated and solved using Benders decomposition to give a balance between the economic benefit and the risk. The approach is illustrated on a six-bus test system.

Keywords

power markets; stochastic programming; Benders decomposition; day-ahead market; economic dispatch; risk-based unit commitment; stochastic programming; Electricity supply industry; ISO; Power generation economics; Power industry; Power system economics; Power system reliability; Power system security; Stochastic processes; System testing; Uncertainty; Decision; Electricity markets; Risk; Security; Stochastic programming; Transmission; Unit commitment;

fLanguage

English

Publisher

ieee

Conference_Titel

Power Engineering Society General Meeting, 2007. IEEE

Conference_Location

Tampa, FL

ISSN

1932-5517

Print_ISBN

1-4244-1296-X

Electronic_ISBN

1932-5517

Type

conf

DOI

10.1109/PES.2007.385841

Filename

4275607