|Title||Piecewise affine dispatch policies for economic dispatch under uncertainty|
|Publication Type||Conference Paper|
|Year of Publication||2014|
|Authors||Daniel Munoz-Alvarez, Eilyan Bitar, Lang Tong, Jianhui Wang|
|Conference Name||2014 IEEE Power & Energy Society (PES) General Meeting|
|Conference Location||National Harbor, MD, USA|
|Keywords||CERTS, economic dispatch, Power system modeling, reliability and markets, stochastic optimization|
Stochastic optimization has become one of the fundamental mathematical frameworks for modeling power systems with important sources of uncertainty in the demand and supply sides. In this framework, a main challenge is to find optimal dispatch policies and settlement schemes that support a market equilibrium. In this paper, the economic dispatch under linear network constraints and resource uncertainty is revisited. Piece-wise affine continuous dispatch policies and locational prices that support a market equilibrium using a two-settlement scheme are derived. We find that the ex-post locational prices are piecewise affine continuous functions of the system uncertainties.