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Risk-Limiting Real-Time Economic Dispatch in a Power System with Flexibility Resources

1
School of Electrical Engineering, Zhejiang University, No. 38 Zheda Rd., Hangzhou 310027, China
2
Department for Management of Science and Technology Development, Ton Duc Thang University, Ho Chi Minh City, Vietnam
3
Faculty of Electrical and Electronics Engineering, Ton Duc Thang University, Ho Chi Minh City, Vietnam
4
UNSW Business School, The University of New South Wales, Sydney NSW 2052, Australia
5
Economic Research Institute of State Grid Zhejiang Electric Power Co., Ltd., No. 59 Jiefang East Rd., Hangzhou 310008, China
6
State Grid Energy Research Institute Co., Ltd., Beijing 102209, China
*
Author to whom correspondence should be addressed.
Energies 2019, 12(16), 3133; https://doi.org/10.3390/en12163133
Received: 6 July 2019 / Revised: 8 August 2019 / Accepted: 12 August 2019 / Published: 15 August 2019
(This article belongs to the Special Issue Modern Power System Dynamics, Stability and Control)
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Abstract

The integration of numerous intermittent renewable energy sources (IRESs) poses challenges to the power supply-demand balance due to the inherent intermittent and uncertain power outputs of IRESs, which requires higher operational flexibility of the power system. The deployment of flexible ramping products (FRPs) provides a new alternative to accommodate the high penetration of IRESs. Given this background, a bi-level risk-limiting real-time unit commitment/real-time economic dispatch model considering FRPs provided by different flexibility resources is proposed. In the proposed model, the objective is to maximize the social surplus while minimizing the operational risk, quantified using the concept of conditional value-at-risk (CVaR). Energy and ramping capabilities of conventional generating units during the start-up or shut-down processes are considered, while meeting the constraints including unit start-up/shut-down trajectories and ramping up/down rates in consecutive time periods. The Karush–Kuhn–Tucker (KKT) optimality conditions are then used to convert the bi-level programming problem into a single-level one, which can be directly solved after linearization. The modified IEEE 14-bus power system is employed to demonstrate the proposed method, and the role of FRPs in enhancing the system flexibility and improving the accommodation capability for IRESs is illustrated in some operation scenarios of the sample system. The impact of the confidence level in CVaR on the system operational flexibility is also investigated through case studies. Finally, a case study is conducted on a regional power system in Guangdong Province, China to demonstrate the potential of the proposed method for practical applications. View Full-Text
Keywords: flexible ramping products; intermittent renewable energy sources; operational flexibility; operational risk; real-time economic dispatch; real-time unit commitment flexible ramping products; intermittent renewable energy sources; operational flexibility; operational risk; real-time economic dispatch; real-time unit commitment
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Lin, H.; Wang, C.; Wen, F.; Tseng, C.-L.; Hu, J.; Ma, L.; Fan, M. Risk-Limiting Real-Time Economic Dispatch in a Power System with Flexibility Resources. Energies 2019, 12, 3133.

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