Optimal dispatch in a balancing market with intermittent renewable generation

Shinde, P, Hesamzadeh, M R, Date, P and Bunn, D W (2021) Optimal dispatch in a balancing market with intermittent renewable generation. IEEE Transactions on Power Systems, 36 (2). pp. 865-878. ISSN 0885-8950 OPEN ACCESS

Abstract

In this paper, three single-stage stochastic programs are proposed and compared for optimal dispatch by a System Operator (SO) into balancing markets (BM). The motivation for the models is to represent a possible requirement to undertake system balancing with increasing amounts of intermittent renewable generation. The proposed optimization models are reformulated as tractable Mixed Integer Linear Programs (MILPs) and these consider both fuel cost and intermittency cost of the generators, when the SO activates the up- or down-regulation bids. These three models are based on the main approaches seen in practice: dual-imbalance pricing, single imbalance pricing and single imbalance pricing with spot reversion. A scenario generation algorithm based on predictive conditional dynamic density distributions is also proposed. We perform a comparative analysis of these three proposed models in terms of how they help the SO to optimize their balancing market actions considering intermittent-renewable generators. The single imbalance pricing is found to be the most market efficient.

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Item Type: Article
Subject Areas: Management Science and Operations
Additional Information:

© 2020 IEEE. Published in: IEEE Transactions on Power Systems (Early Access) https://doi.org/10.1109/TPWRS.2020.3014515.

Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting/republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works.

Date Deposited: 19 Aug 2020 11:38
Date of first compliant deposit: 17 Aug 2020
Subjects: M > Market segmentation
E > Electricity supply industry
Last Modified: 11 Jun 2021 22:15
URI: https://lbsresearch.london.edu/id/eprint/1456
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