Title Effect of Risk Aversion on Reserve Procurement With Flexible Demand Side Resources From the ISO Point of View
Authors Paterakis, Nikolaos G. , SÁNCHEZ DE LA NIETA LÓPEZ, AGUSTÍN ALEANDRO, Bakirtzis, Anastasios G. , Contreras, Javier , Catalao, Joao P. S.
External publication Si
Means IEEE Trans. Sustainable Energy
Scope Article
Nature Científica
JCR Quartile 1
SJR Quartile 1
JCR Impact 6.23500
SJR Impact 2.31800
Web https://www.scopus.com/inward/record.uri?eid=2-s2.0-85028923101&doi=10.1109%2fTSTE.2016.2635099&partnerID=40&md5=506ff9553b564b1bbb09eeaa1904750b
Publication date 01/07/2017
ISI 000404251100014
Scopus Id 2-s2.0-85028923101
DOI 10.1109/TSTE.2016.2635099
Abstract In this study, a two-stage stochastic programming joint day-ahead energy and reserve scheduling model to address uncertainty in wind power generation is developed. Apart from the generation side, the demand side is also eligible as a reserve resource and is modeled through responsive load aggregations, as well as large industrial loads that directly participate in the scheduling procedure. The main contribution of this paper is the inclusion of a risk metric, namely the conditional value-at-risk, which renders a conceptually different resource scheduling framework. The proposed model is employed in order to analyze the behavior of energy and reserve scheduling by both generation and demand for a risk-averse independent system operator. To reach practical conclusions, the proposed methodology is tested on the real non-interconnected insular power system of Crete, Greece, which is characterized by a significant penetration of wind power generation.
Keywords Ancillary services; conditional value-at-risk (CVaR); demand response; reserves; risk management
Universidad Loyola members

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