DocumentCode :
3300690
Title :
Valuing the dynamic power flow control of FACTS devices under uncertainties
Author :
Blanco, Gerardo ; Hager, Ulf ; Olsina, Fernando ; Rehtanz, Christian
Author_Institution :
Fac. Politec., Univ. Nac. de Asuncion (UNA), San Lorenzo, Paraguay
fYear :
2011
fDate :
19-23 June 2011
Firstpage :
1
Lastpage :
7
Abstract :
Restructuring of the power industry that have arisen from the unbundling of the electrical industry have led to complex and still unsolved problems related to transmission system expansion owing to the singular characteristics of their investments. These difficulties are currently issues of considerable interest for researchers and policy-makers since the lack of adaptation of the transmission infrastructure may damage operations and free competition in the emerging electrical sector. In this context, some degree of dynamic control within the transmission investments is deemed to be necessary in order to face the increasing uncertainties of the new market scenarios through contingent claims, which allow the planner to adapt the investment under scenarios where the uncertain variables unfold unfavorably. Under this conjuncture, this paper presents an approach for valuing the dynamic power flow control of FACTS devices under uncertain variables of liberalized power markets as well as the evaluation of the flexibility of power transmission investments through a Real Option Valuation approach based on the Least Square Monte Carlo method. In order to illustrate the proposed valuation approach, a study case is presented, where it shows that the flexibility of the dynamic controllers under uncertainties could plenty justify the higher cost of these devices.
Keywords :
Monte Carlo methods; dynamic programming; flexible AC transmission systems; investment; least squares approximations; load flow control; power control; power markets; power transmission control; power transmission economics; power transmission planning; FACTS device; dynamic power flow control; electrical industry; electrical sector; least square Monte Carlo method; liberalized power market; power industry restructuring; power transmission investment; real option valuation approach; Investments; Load flow; Power capacitors; Power transmission lines; Stochastic processes; Thyristors; Uncertainty; Dynamic programming; flexibility; least square Monte Carlo; risk analysis; series compensation; stochastic simulation; uncertainty;
fLanguage :
English
Publisher :
ieee
Conference_Titel :
PowerTech, 2011 IEEE Trondheim
Conference_Location :
Trondheim
Print_ISBN :
978-1-4244-8419-5
Electronic_ISBN :
978-1-4244-8417-1
Type :
conf
DOI :
10.1109/PTC.2011.6019325
Filename :
6019325
Link To Document :
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