TY - JOUR
T1 - Risk-limiting dispatch for integrating renewable power
JF - International Journal of Electrical Power & Energy Systems
Y1 - 2013/01//
SP - 615
EP - 628
A1 - Ram Rajagopal
A1 - Eilyan Bitar
A1 - Pravin Varaiya
A1 - Felix Wu
KW - CERTS
KW - reliability and markets
KW - renewables integration
KW - reserve markets
KW - RM11-006
AB - Risk-limiting dispatch or RLD is formulated as the optimal solution to a multi-stage, stochastic decision problem. At each stage, the system operator (SO) purchases forward energy and reserve capacity over a block or interval of time. The blocks get shorter as operations approach real time. Each decision is based on the most recent available information, including demand, renewable power, weather forecasts. The accumulated energy blocks must at each time t match the net demand D(t) = L(t) − W(t). The load L and renewable power W are both random processes. The expected cost of a dispatch is the sum of the costs of the energy and reserve capacity and the penalty or risk from mismatch between net demand and energy supply. The paper derives computable ‘closed-form’ formulas for RLD. Numerical examples demonstrate that the minimum expected cost can be substantially reduced by recognizing that risk from current decisions can be mitigated by future decisions; by additional intra-day energy and reserve capacity markets; and by better forecasts. These reductions are quantified and can be used to explore changes in the SO’s decision structure, forecasting technology, and renewable penetration.
VL - 44
IS - 1
JO - International Journal of Electrical Power & Energy Systems
DO - 10.1016/j.ijepes.2012.07.048
ER -