This paper presents an optimization approach based on the mixed-integer programming (MIP) to maximize the profit of the Microgrid (MG) while minimizing the risk in profit (RIP) in the presence of demand response program (DRP). RIP is defined as the risk of gaining less profit from the desired profit values. The uncertainties associated with the RESs and loads are modeled using normal, Beta, and Weibull distribution functions. The simulation studies are performed in GAMS and MATLAB for 5 random days in a year. The simulation results show that RIP is reduced when downside risk constraint (DRC) is considered and DRP is implemented. Although DRP increases the total profit of the MG, it also notably increases the risk. On the other hand, considering DRC significantly reduces the percentage of the risk with a slight decrease in the profit.
@article{arxiv.2102.03470,
title = {Financial Risk-Based Scheduling of Microgrids Accompanied by Surveying the Influence of the Demand Response Program},
author = {Tohid Khalili and Hamed Ganjeh Ganjehlou and Ali Bidram and Sayyad Nojavan and Somayeh Asadi},
journal= {arXiv preprint arXiv:2102.03470},
year = {2021}
}