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Evaluation of Load-Following Reserves for Power Systems with Significant RES Penetration considering Risk Management

Authors

Paterakis, Nikolaos G. , SÁNCHEZ DE LA NIETA LÓPEZ, AGUSTÍN ALEANDRO, Catalao, Joao P. S. , Bakirtzis, Anastasios G. , Ntomaris, Andreas , Contreras, Javier , IEEE

External publication

Si

Means

2015 Ieee International Conference On Smart Energy Grid Engineering (sege 2015)

Scope

Proceedings Paper

Nature

Científica

JCR Quartile

✗

SJR Quartile

✗

Publication date

01/01/2015

ISI

000380482000001

Abstract

In this study a novel two-stage stochastic programming based day-ahead joint energy and reserve scheduling model is developed. Demand-side as a reserve resource is explicitly modeled through responsive load aggregations, as well as large industrial consumers that directly participate in the scheduling procedure. Furthermore, a risk-hedging measure is introduced, namely the Conditional Value-at-Risk (CVaR), to analyze the behavior of energy and reserve scheduling by both the generation and the demand-side for a risk-averse ISO. The proposed methodology is tested on the practical non-interconnected insular power system of Crete, Greece, which is characterized by a significant penetration of Renewable Energy Sources (RES).

Keywords

ancillary services; conditional value-at-risk (CVaR); demand response; risk-aversion