Please use this identifier to cite or link to this item: http://hdl.handle.net/10125/71015

Risk-based Stochastic Continuous-time Scheduling of Flexibility Reserve for Energy Storage Systems

File Size Format  
0323.pdf 720.15 kB Adobe PDF View/Open

Item Summary

Title:Risk-based Stochastic Continuous-time Scheduling of Flexibility Reserve for Energy Storage Systems
Authors:Parvania, Masood
Li, Bosong
Byrne, Raymond
Keywords:Policy, Markets and Analytics
energy storage
financial risk managemenet
flexibility
stochastic optimization
Date Issued:05 Jan 2021
Abstract:This paper develops a novel risk-based stochastic continuous-time model for optimizing the role of energy storage (ES) systems in managing the financial risk imposed to power system operation by large-scale integration of uncertain renewable energy sources (RES). The proposed model is formulated as a two-stage continuous-time stochastic optimization problem, where the generation of generating units, charging and discharging power of ES, as well as flexibility reserve capacity from both resources are scheduled in the first stage, while the flexibility reserve is deployed in the second stage to offset the uncertainty of RES generation in each scenario. The Conditional Value at Risk (CVaR) is integrated as the risk metric measuring the average of the higher tail of the system operation costs. The proposed model is implemented on the IEEE Reliability Test System using load and solar power data of CAISO. Numerical results demonstrate that the proposed model enables the system operators to effectively utilize the flexibility of ES and generating units to minimize the system operation cost and renewable energy curtailment at a given risk tolerance level.
Pages/Duration:10 pages
URI:http://hdl.handle.net/10125/71015
ISBN:978-0-9981331-4-0
DOI:10.24251/HICSS.2021.400
Rights:Attribution-NonCommercial-NoDerivatives 4.0 International
https://creativecommons.org/licenses/by-nc-nd/4.0/
Appears in Collections: Policy, Markets and Analytics


Please email libraryada-l@lists.hawaii.edu if you need this content in ADA-compliant format.

This item is licensed under a Creative Commons License Creative Commons