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access icon free Stochastic security and risk-constrained scheduling for an autonomous microgrid with demand response and renewable energy resources

© The Institution of Engineering and Technology
Received 12/03/2017, Accepted 13/09/2017, Revised 28/06/2017, Published 15/09/2017

Increasing penetration of intermittent renewable energy sources and the development of advanced information give rise to questions on how responsive loads can be managed to optimise the use of resources and assets. In this context, demand response as a way for modifying the consumption pattern of customers can be effectively applied to balance the demand and supply in electricity networks. This study presents a novel stochastic model from a microgrid (MG) operator perspective for energy and reserve scheduling considering risk management strategy. It is assumed that the MG operator can procure energy from various sources, including local generating units and demand-side resources to serve the customers. The operator sells electricity to customers under real-time pricing scheme and the customers response to electricity prices by adjusting their loads to reduce consumption costs. The objective is to determine the optimal scheduling with considering risk aversion and system frequency security to maximise the expected profit of operator. To deal with various uncertainties, a risk-constrained two-stage stochastic programming model is proposed where the risk aversion of MG operator is modelled using conditional value at risk method. Extensive numerical results are shown to demonstrate the effectiveness of the proposed framework.

Inspec keywords: demand side management; renewable energy sources; power generation economics; distributed power generation; supply and demand; power generation scheduling; stochastic programming; pricing; risk management

Other keywords: risk constrained two-stage stochastic programming model; system frequency security; optimal scheduling; demand and supply; risk aversion; risk management strategy; risk-constrained scheduling; autonomous microgrid; intermittent renewable energy sources; reserve scheduling; electricity networks; microgrid operator; demand response; consumption pattern; stochastic security; MG operator; real-time pricing scheme

Subjects: Power system management, operation and economics; Optimisation techniques; Distributed power generation; Energy resources

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