Abstract
Risk-cognizant power dispatch techniques are urgently needed towards achieving the goal of high-penetration renewables in the future power smart grids. In this paper, day-ahead stochastic market clearing based on the DC optimal power flow (OPF) model is pursued accounting for the stochastic availability of renewables. The objective is to minimize the grid-wide total cost which consists of the conventional generation cost, the end-users' utility, as well as the energy transaction cost utilizing the conditional value-at-risk (CVaR). The proposed CVaR-based transaction cost serves as a smart regularizer to mitigate the potentially high risk of inadequate wind power. The sample average approximation method is introduced to bypass the prohibitive high-dimensional integral in the resulting optimization problem. Furthermore, to address the challenges of respecting end-users' privacy and the computational complexity incurred by large-scale dispatchable loads, a fast ADMM-based solver is developed with guaranteed convergence. Numerical results are reported to corroborate the merits of the novel framework and the proposed approaches.
Original language | English (US) |
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Title of host publication | Proceedings of the IEEE Conference on Decision and Control |
Publisher | Institute of Electrical and Electronics Engineers Inc. |
Pages | 941-946 |
Number of pages | 6 |
Volume | 2015-February |
Edition | February |
ISBN (Electronic) | 9781479977468 |
DOIs | |
State | Published - Feb 11 2015 |
Event | 2014 53rd IEEE Annual Conference on Decision and Control, CDC 2014 - Los Angeles, United States Duration: Dec 15 2014 → Dec 17 2014 |
Publication series
Name | Proceedings of the IEEE Conference on Decision and Control |
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Number | February |
Volume | 2015-February |
ISSN (Print) | 0743-1546 |
ISSN (Electronic) | 2576-2370 |
Other
Other | 2014 53rd IEEE Annual Conference on Decision and Control, CDC 2014 |
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Country/Territory | United States |
City | Los Angeles |
Period | 12/15/14 → 12/17/14 |
Bibliographical note
Publisher Copyright:© 2014 IEEE.