Risk-Based Decision Support Model for the Optimal Operation of a Smart Energy Distribution Company for Enabling Emerging Resources

Date
2019-01-08
Authors
Sadati, S. M. B.
Moshtagh, J.
Shafie-khah, Miadreza
Catalao, Joao
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Abstract
In this paper, a risk-based decision support model is developed for a smart energy distribution company, enabling emerging resources like renewable energy sources, electric vehicles and demand response programs in a holistic approach. Because of the inherent uncertainties of these emerging resources, the conditional value-at-risk (CVaR) method is adopted to restrict the distribution company’s risk. A risk aversion parameter sensitivity analysis is also provided on the optimal operation of the smart energy distribution company. The proposed model is thoroughly tested on a 15-bus distribution grid system, and the numerical results prove the effectiveness of the model in risk management.
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Keywords
Decision Support for Complex Networks, Decision Analytics, Mobile Services, and Service Science, Risk; Decision Support; Optimal Operation; Distribution Company; Emerging Resources.
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