Bridging Chance-Constrained and Robust Optimization in an Emission-Aware Economic Dispatch With Energy Storage

In the electricity sector the carbon tax is a common environmental policy aiming to reduce CO 2 emissions, but is often regarded as economically unfriendly, especially for areas relying on coal-fire and other carbon-intensive generators. A power grid utilizing an energy storage system can be a promi...

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Bibliographic Details
Published in:IEEE transactions on power systems 2022-03, Vol.37 (2), p.1078-1090
Main Authors: Gu, Nan, Wang, Haoxiang, Zhang, Jiasheng, Wu, Chenye
Format: Article
Language:English
Subjects:
Carbon
Carbon dioxide
Carbon tax
chance-constrained (CC) optimization
Clean energy
Economic dispatch (ED)
Economics
Electric power grids
Electricity distribution
Emission
Energy storage
Environmental tax
Generators
Optimization
Power dispatch
Regional development
robust optimization (RO)
Robustness (mathematics)
storage
Uncertainty
Wind power
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Summary:In the electricity sector the carbon tax is a common environmental policy aiming to reduce CO 2 emissions, but is often regarded as economically unfriendly, especially for areas relying on coal-fire and other carbon-intensive generators. A power grid utilizing an energy storage system can be a promising solution to alleviate the regional economy pressure in a grid where the carbon tax is enforced. With the increasing exploitation of clean energy, e.g., solar and wind power, in this work, we characterize the stochastic emission-aware economic dispatch with a storage system utilizing two frameworks, namely a chance-constrained framework and a robust optimization framework. We highlight their differences and connections by studying the trade-offs between robustness and overall cost. Specifically, we bridge the two frameworks with a novel distributed robust optimization framework that considers practical bounds to estimate the optimal system performance under the reliability requirement. Numerical studies on the six-bus model and the IEEE-118 bus model further justify our findings.
ISSN:0885-8950
1558-0679
DOI:10.1109/TPWRS.2021.3102412