• Corpus ID: 239616163

Reliability-Aware Probabilistic Reserve Procurement

@article{Herre2021ReliabilityAwarePR,
  title={Reliability-Aware Probabilistic Reserve Procurement},
  author={Lars Herre and Pierre Pinson and Spyros Chatzivasileiadis},
  journal={ArXiv},
  year={2021},
  volume={abs/2110.11445}
}
Current reserve procurement approaches ignore the stochastic nature of reserve asset availability itself and thus limit the type and volume of reserve offers. This paper develops a reliability-aware probabilistic approach that allows renewable generators to offer reserve capacity with reliability attributes. Offers with low reliability are priced at lower levels. The original non-convex market clearing problem is approximated by a MILP reformulation. The proposed probabilistic reserve… 

Figures and Tables from this paper

Chance Constrained Economic Dispatch of Generic Energy Storage under Decision-Dependent Uncertainty
Aggregated and coordinated generic energy storage (GES) resources provide sustainable but uncertain flexibilities for power grid operation and renewable energy integration. To optimally cope with

References

SHOWING 1-10 OF 10 REFERENCES
Chance-Constrained Peer-to-Peer Joint Energy and Reserve Market Considering Renewable Generation Uncertainty
TLDR
A novel P2P joint energy and reserve market is proposed, where each agent can negotiate with neighboring agents to determine the quantities and prices of traded energy and Reserve based on a chance-constrained optimization approach.
Energy and reserve dispatch with distributionally robust joint chance constraints
TLDR
A two-stage stochastic program for energy and reserve dispatch of a joint power and gas system with a high penetration of renewables is developed using conditional value-at-risk approximations and linear decision rules.
Risk-Aware Dimensioning and Procurement of Contingency Reserve
TLDR
An iterative approach is developed, inspired by the current security-constrained unit commitment (SCUC) practice, enabling system operators to determine risk-cognizant contingency reserve requirements and their allocation with minimal alterations to the current SCUC practice.
Dynamic dimensioning approach for operating reserves: Proof of concept in Belgium
TLDR
A new method for the sizing of operating reserves by electric power system operators is discussed, which improves reliability management while decreasing the average capacity to be contracted and is compliant with European market design and corresponding regulatory framework.
Identification of Appropriate Generation and System Adequacy Standards for the Internal Electricity Market Final Report
  • European Commission
  • 2016
Information Uncertainty in Electricity Markets: Introducing Probabilistic Offers
We propose a shift from the current paradigm of electricity markets treating stochastic producers similarly to conventional ones in terms of their offers. We argue that the producers' offers should
Wind aggregation via risky power markets
Summary form only given. Aggregation of diverse wind power sources can effectively reduce their uncertainty, and hence the cost of wind energy integration. A risky power contract is proposed, by
Sizing and Allocation of Operating Reserves following Wind Power Integration (Dimensioneren en toewijzen van operationele reserves met het oog op de integratie van windenergie)
As part of the European policy goals aiming towards a sustainable energy supply, the share of renewable energy sources in the electricity system is increasing. The two technologies driving this
Setting the Operating Reserve Using Probabilistic Wind Power Forecasts
TLDR
The new reserve management tool (RMT) described in the paper is intended to support the SO in defining the operating reserve needs for the daily and intraday markets and decision strategies like setting an acceptable risk level or finding a compromise between economic issues and the risk of loss of load are explored.
A new approach to quantify reserve demand in systems with significant installed wind capacity
With wind power capacities increasing in many electricity systems across the world, operators are faced with new problems related to the uncertain nature of wind power. Foremost of these is the