An improved bounding-based method for multiarea probabilistic production costing

Author

Hobbs, Benjamin F. ; Ji, Yuandong ; Chang, Chih-Wei ; Loparo, Kenneth A. ; Jober, Johan ; Ohman, Mikael

Author_Institution

Dept. of Syst., Control, & Ind. Eng., Case Western Reserve Univ., Cleveland, OH, USA

Volume

11

Issue

2

fYear

1996

fDate

5/1/1996 12:00:00 AM

Firstpage

1024

Lastpage

1030

Abstract

This paper presents an improved bounding-based procedure for estimating expected production costs for a multi-area power system. The method uses a state-space characterization of equipment outages and loads, combined with linear optimization methods, standard load duration curve-based production costing techniques, and clustering analysis. The method defines upper and lower bounds to the true expected cost, and tightens those bounds by partitioning the outage and load spaces. Methods for constructing outage and load partitions are compared and applied to large multi-area power systems. Application issues, such as marginal cost estimation and the effect of transmission outages, are also addressed

Keywords

costing; economics; electrical faults; optimisation; power system interconnection; probability; state-space methods; transmission network calculations; transmission networks; bounding-based method; equipment outages; linear optimization methods; load duration curve; marginal cost estimation; multi-area power system; probabilistic production costing; state-space characterization; transmission outages; Costing; Costs; Optimization methods; Power engineering and energy; Power generation; Power system analysis computing; Power system modeling; Power system planning; Production systems; State-space methods; Upper bound;

fLanguage

English

Journal_Title

Power Systems, IEEE Transactions on

Publisher

ieee

ISSN

0885-8950

Type

jour

DOI

10.1109/59.496190

Filename

496190