Related papers: Risk- and Variance-Aware Electricity Pricing
For a timely decarbonization of our economy, power systems need to accommodate increasing numbers of clean but stochastic resources. This requires new operational methods that internalize this stochasticity to ensure safety and efficiency.…
With the integration of Renewable Energy Sources (RESs), the power network must be robust to handle the system's uncertain scenarios. DC Transmission Expansion Planning (TEP) plans are generally not feasible for the AC network. A first…
As power systems become more complex with the continuous integration of intelligent distributed energy resources (DERs), new risks and uncertainties arise. Consequently, to enhance system resiliency, it is essential to account for various…
In recent years, electricity generation has been responsible for more than a quarter of the greenhouse gas emissions in the US. Integrating a significant amount of renewables into a power grid is probably the most accessible way to reduce…
This paper develops risk-averse models to support system operators in planning and operating the electricity grid under uncertainty from renewable power generation. We incorporate financial risk hedging using conditional value at risk…
The accurate prediction of short-term electricity prices is vital for effective trading strategies, power plant scheduling, profit maximisation and efficient system operation. However, uncertainties in supply and demand make such…
Electricity markets are under increasing pressure to maintain reliability amidst rising renewable penetration, demand variability, and occasional price shocks. Traditional capacity market designs often fall short in addressing this by…
Renewable energy brings huge uncertainties to the power system, which challenges the traditional power system operation with limited flexible resources. One promising solution is to introduce dynamic pricing to more consumers, which, if…
Real-time coordination of distributed energy resources (DERs) is crucial for regulating the voltage profile in distribution grids. By capitalizing on a scalable neural network (NN) architecture, one can attain decentralized DER decisions to…
Due to the increasing amount of electricity generated from renewable sources, uncertainty in power system operation will grow. This has implications for tools such as Optimal Power Flow (OPF), an optimization problem widely used in power…
The trend in the electric power system is to move towards increased amounts of distributed resources which suggests a transition from the current highly centralized to a more distributed control structure. In this paper, we propose a method…
In pursuit of carbon neutrality, many countries have adopted renewable portfolio standards to facilitate the integration of renewable energy. However, increasing penetration of renewable energy resources will also pose higher requirements…
At present, electricity markets largely ignore the fact that renewable power producers impose significant externalities on non-renewable energy producers. This is because consumers are generally guaranteed electricity within certain load…
With the development of offshore wind farms (OWFs) in far-offshore and deep-sea areas, each OWF could contain more and more wind turbines and cables, making it imperative to study high-reliability electrical collector system (ECS) for OWF.…
Securing an adequate supply of dispatchable resources is critical for keeping a power system reliable under high penetrations of variable generation. Traditional resource adequacy mechanisms are poorly suited to exploiting the growing…
The integration of large shares of electricity produced by non-dispatchable Renewable Energy Sources (RES) leads to an increasingly volatile energy generation side, with temporary local overproduction. The application of energy storage…
In this paper, we demonstrate the fragility of decentralized load-side frequency algorithms proposed in [1] against stochastic parametric uncertainty in power network model. The stochastic parametric uncertainty is motivated through the…
Electricity price forecasting is a critical tool for the efficient operation of power systems and for supporting informed decision-making by market participants. This paper explores a novel methodology aimed at improving the accuracy of…
This work presents a methodology to incorporate reliability constraints in the optimal power systems expansion planning problem. Besides LOLP and EPNS, traditionally used in power systems, this work proposes the use of the risk measures VaR…
This two-part paper addresses the design of retail electricity tariffs for distribution systems with distributed energy resources such as solar power and storage. In particular, the optimal design of dynamic two-part tariffs for a regulated…