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

Author

Listed:
  • Hongji Lin

    (School of Electrical Engineering, Zhejiang University, No. 38 Zheda Rd., Hangzhou 310027, China)

  • Chongyu Wang

    (School of Electrical Engineering, Zhejiang University, No. 38 Zheda Rd., Hangzhou 310027, China)

  • Fushuan Wen

    (Department for Management of Science and Technology Development, Ton Duc Thang University, Ho Chi Minh City, Vietnam
    Faculty of Electrical and Electronics Engineering, Ton Duc Thang University, Ho Chi Minh City, Vietnam)

  • Chung-Li Tseng

    (UNSW Business School, The University of New South Wales, Sydney NSW 2052, Australia)

  • Jiahua Hu

    (Economic Research Institute of State Grid Zhejiang Electric Power Co., Ltd., No. 59 Jiefang East Rd., Hangzhou 310008, China)

  • Li Ma

    (State Grid Energy Research Institute Co., Ltd., Beijing 102209, China)

  • Menghua Fan

    (State Grid Energy Research Institute Co., Ltd., Beijing 102209, China)

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.

Suggested Citation

  • Hongji Lin & Chongyu Wang & Fushuan Wen & Chung-Li Tseng & Jiahua Hu & Li Ma & Menghua Fan, 2019. "Risk-Limiting Real-Time Economic Dispatch in a Power System with Flexibility Resources," Energies, MDPI, vol. 12(16), pages 1-23, August.
    • Handle: RePEc:gam:jeners:v:12:y:2019:i:16:p:3133-:d:257832
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    References listed on IDEAS

    as
    1. Alizadeh, M.I. & Parsa Moghaddam, M. & Amjady, N. & Siano, P. & Sheikh-El-Eslami, M.K., 2016. "Flexibility in future power systems with high renewable penetration: A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 57(C), pages 1186-1193.
    2. Jiahua Hu & Fushuan Wen & Ke Wang & Yuchun Huang & Md. Abdus Salam, 2017. "Simultaneous Provision of Flexible Ramping Product and Demand Relief by Interruptible Loads Considering Economic Incentives," Energies, MDPI, vol. 11(1), pages 1-20, December.
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    Cited by:

    1. Dan Zhou & Qi Zhang & Yangqing Dan & Fanghong Guo & Jun Qi & Chenyuan Teng & Wenwei Zhou & Haonan Zhu, 2022. "Research on Renewable-Energy Accommodation-Capability Evaluation Based on Time-Series Production Simulations," Energies, MDPI, vol. 15(19), pages 1-15, September.
    2. Antonio T. Alexandridis, 2020. "Modern Power System Dynamics, Stability and Control," Energies, MDPI, vol. 13(15), pages 1-8, July.

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