Reliability based Min-Max Regret Stochastic Optimization Model for Capacity Market with Renewable Energy and Practice in China
Capacity market is a long-term clearing model to coordinate the traditional thermal generation and the renewable energy generation, which minimizes the total capacity cost of traditional generation, while satisfying the operational constraints and reliability requirement. Furthermore, to address the uncertainties in the long-term optimal decision, min-max regret is employed to find the optimal solution under the worst regret, generating several representable scenarios that can help generation companies to understand how these scenarios would impact on the future generation planning. Finally, a decomposition method is proposed to solve this reliability based min-max regret stochastic optimization model by bisection. The test results on the practical NW grid in China show the effectiveness of the proposed model.
T. Ding et al., "Reliability based Min-Max Regret Stochastic Optimization Model for Capacity Market with Renewable Energy and Practice in China," IEEE Transactions on Sustainable Energy, Institute of Electrical and Electronics Engineers (IEEE), Oct 2018.
The definitive version is available at https://doi.org/10.1109/TSTE.2018.2878224
Electrical and Computer Engineering
Keywords and Phrases
Commerce; Electric load management; Gas generators; Optimization; Random processes; Reliability; Renewable energy resources; Stochastic programming; Stochastic systems; Capacity markets; Indexes; Load modeling; Minmax regret; Reliability Evaluation; Renewable energies; Renewable energy source; Stochastic models; Generators; Min-max regret; Renewable energy sources; Stochastic processes
International Standard Serial Number (ISSN)
Article - Journal
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