A Novel Technique for Joint Energy and Reserve Dispatch Considering Lost Opportunity Cost
Authors
Abstract:
This paper presents a novel solution method for joint energy and Spinning Reserve (SR) dispatch problem. In systems in which the Lost Opportunity Cost (LOC) should be paid to generators, if the LOC is not considered in the dispatch problem, the results may differ from the truly optimum solution. Since the LOC is a non-differentiable function, including it in the formulation makes the problem solving process to be time-consuming and improper for real time applications. Here, the joint energy and SR dispatch problem considering the LOC in the objective function is reformulated as a Linear Programming (LP) problem which its solving process is computationally efficient. Also, with reliance on the performance of LP problem solving process, an iterative algorithm is proposed to overcome the self-referential difficulty arising from dependence of the LOC on the final solution. The IEEE 30-bus test system is used to examine the proposed solution method.
similar resources
A method for reserve clearing in disaggregated model considering lost opportunity cost
In this paper, a new formulation for clearing reserve market in a deregulated environment with separated energy and reserve market is introduced. In the proposed method, reserve market is cleared such that the costs associated with capacity reservation, producing energy in real-time, opportunity cost of those units which are accepted in the energy market and backed down from the accepted values...
full textTransmission switching cost modeling and determination candidate Lines for participation in joint energy and reserve markets
There is a great resolution calling for smart grids in recent years. Introduction of new technologies, that make the network flexible and controllable, is a main part of smart grid concept and a key factor to its success. Transmission network as a part of system network has drawn less attention. Transmission switching as a transmission service can release us from load shedding and remove the co...
full textJoint energy and reserve dispatch in a multi-area competitive market using time-varying differential evolution
In a deregulated electricity industry, competitive bidding for energy and reserve is increasingly gaining importance and playing a decisive role in maintaining system reliability. The transmission capacity limits have a significant impact on market cost, therefore these limits should also be considered while optimizing the joint dispatch. In this paper, a detailed comparison of classical differ...
full textPower Generation Dispatch Considering Energy Value and Environmental Protection
Electric power industry should play a bigger role in energy conservation and emission reduction, while the ecosystem degradation rises because of the shortage of energy, the greenhouse effect and the environmental pollution. Power generation dispatch is the key practice in electric power industry. In this paper, the value based dispatch theory is proposed, which assign the value of the natural ...
full textJoint Energy and Reserves Auction with Opportunity Cost Payment for Reserves
System operators in the electricity industry are required to procure reserve capacity to deal with unanticipated outages, demand shocks, and transmission constraints. One traditional method of procuring reserves is through a separate capacity auction with two-part bids. We analyze an alternative scheme whereby reserves are procured through the energy market using only energy bids, and capacity ...
full textMy Resources
Journal title
volume 9 issue 2
pages 117- 125
publication date 2013-06
By following a journal you will be notified via email when a new issue of this journal is published.
Hosted on Doprax cloud platform doprax.com
copyright © 2015-2023