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Managing Uncertainty with Flexibility

In: Integrating Renewables in Electricity Markets

Author

Listed:
  • Juan M. Morales

    (Technical University of Denmark)

  • Antonio J. Conejo

    (University of Castilla – La Mancha)

  • Henrik Madsen

    (Technical University of Denmark)

  • Pierre Pinson

    (Technical University of Denmark)

  • Marco Zugno

    (Technical University of Denmark)

Abstract

As stochastic production units such as those based on wind or solar sources involve both high variability and high uncertainty, system flexibility is needed to accommodate such variability and uncertainty. System flexibility, which is analyzed in this chapter from the viewpoint of the Independent System Operator, involves preventive and corrective actions by conventional power plants, the demand, pumped-storage plants, as well as the availability of sufficient transmission capacity. This chapter analyzes the flexibility provided by these agents and illustrates its effects on system operations and costs through a number of examples.

Suggested Citation

  • Juan M. Morales & Antonio J. Conejo & Henrik Madsen & Pierre Pinson & Marco Zugno, 2014. "Managing Uncertainty with Flexibility," International Series in Operations Research & Management Science, in: Integrating Renewables in Electricity Markets, edition 127, chapter 5, pages 137-171, Springer.
    • Handle: RePEc:spr:isochp:978-1-4614-9411-9_5
    DOI: 10.1007/978-1-4614-9411-9_5
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