Stochastic Nodal Adequacy Platform: Spot Pricing of Adequacy

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dc.contributor.authorTabors, Richard
dc.contributor.authorRudkevich, Aleksandr
dc.date.accessioned2023-12-26T18:39:48Z
dc.date.available2023-12-26T18:39:48Z
dc.date.issued2024-01-03
dc.identifier.doihttps://doi.org/10.24251/HICSS.2024.378
dc.identifier.isbn978-0-9981331-7-1
dc.identifier.otherffa17fcf-a9c6-4789-9094-d86ed3870519
dc.identifier.urihttps://hdl.handle.net/10125/106761
dc.language.isoeng
dc.relation.ispartofProceedings of the 57th Hawaii International Conference on System Sciences
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subjectResilient Networks
dc.subjectadvanced weather science
dc.subjectmonte carlo simulation
dc.subjectnodal resource adequacy
dc.subjectstochastic analyses.
dc.subjectvalue of lost load
dc.titleStochastic Nodal Adequacy Platform: Spot Pricing of Adequacy
dc.typeConference Paper
dc.type.dcmiText
dcterms.abstractThe modern power system is becoming significantly more reliant on weather-dependent generation technologies. Existing resource adequacy metrics are not adequate for systems with a high penetration of weather-dependent, stochastically behaving renewable resources. This paper provides an overview of the Stochastic Nodal Adequacy Platform (SNAP), a novel approach for evaluating the adequacy of a large-scale electrical grid at the nodal level while accounting for the stochastic nature of weather-dependent system components, the physical operation of the system, and the economics and market design governing unit commitment and dispatch. The output of a SNAP analysis is a set of metrics that quantify the adequacy of the system and the physical contribution and economic value that each individual system component contributes towards overall system adequacy. The latter metric – the SNAP value – is an hourly marginal resource adequacy price at every node in the system that can be integrated into existing power market design.
dcterms.extent10 pages
prism.startingpage3133

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