Risk based multi-objective optimal fulfillment of Renewable Purchase Obligation

Author

Veena, P. ; Abhyankar, A.R.

Author_Institution

Dept. of Electr. Eng., Indian Inst. of Technol. Delhi, NewDelhi, India

fYear

2012

fDate

22-26 July 2012

Firstpage

1

Lastpage

7

Abstract

It is known that renewable energy generation is associated with risk of uncertainty and market trading is associated with risk of price volatility. The mandatory Renewable Purchase Obligation (RPO) in India, exposes the Load Serving Entities (LSE) to these risks, in addition to the expenditure associated with it. This paper formulates the optimal fulfillment of RPO as a multi-objective problem. The optimal decision of meeting RPO is obtained by minimizing the two objectives - cost and risk. The two risks considered are the variability of wind power generation and volatility in the Renewable Energy Certificate (REC) price. These are modeled through fuzzy membership functions. Further, a best compromise solution is obtained through the fuzzy minmax approach.

Keywords

fuzzy set theory; minimax techniques; minimisation; power engineering computing; power generation economics; power markets; pricing; renewable energy sources; risk analysis; uncertainty handling; wind power plants; India; LSE; REC; RPO; expenditure; fuzzy membership function; fuzzy minimax approach; load serving entity; market trading; minimization; price volatility; renewable energy certificate; renewable energy generation; renewable purchase obligation; risk based multiobjective optimal fulfillment; uncertainty risk; wind power generation; Electricity; Linear programming; Minimization; Optimization; Renewable energy resources; Uncertainty; Wind power generation; Fuzzy membership function; Load Serving Entity (LSE); Renewable Energy Certificate (REC); Renewable Purchase Obligation (RPO); fuzzy min-max approach; risk; uncertainty; variability;

fLanguage

English

Publisher

ieee

Conference_Titel

Power and Energy Society General Meeting, 2012 IEEE

Conference_Location

San Diego, CA

ISSN

1944-9925

Print_ISBN

978-1-4673-2727-5

Electronic_ISBN

1944-9925

Type

conf

DOI

10.1109/PESGM.2012.6345441

Filename

6345441