Development of energy and reserve pre-dispatch and re-dispatch models for real-time price risk and reliability assessment

• Published in: IET generation, transmission & distribution transmission & distribution, 2014-07, Vol.8 (7), p.1338-1345
• Main Authors: Ding, Yi, Xie, Min, Wu, Qiuwei, Østergaard, Jacob
• Format: Article
• Language: English
• Subjects: Applied sciences; climate change; Contingency; contingency analysis methodology; contingency management; day‐ahead market; Electric power generation; Electrical engineering. Electrical power engineering; Electrical power engineering; Electricity; electricity market design; energy development; energy supply security; Energy use; European Union; Exact sciences and technology; ex‐ante electricity prices; generation re‐dispatch; load curtailment; load flow; Management; Markets; Miscellaneous; modified IEEE‐RTS; multiperiod energy model; multiperiod optimal power flow technique; Operation. Load control. Reliability; power generation dispatch; power generation reliability; power generation scheduling; power markets; Power networks and lines; power system scheduling; pricing; Real time operation; real‐time electricity price risk; real‐time electricity prices; reliability assessment; reliability management; renewable energy; Renewable energy sources; renewable power production; reserve predispatch models; reserve redispatch models; Reserves; short term reliabilities; single‐period AC OPF model; smart grid development; smart power grids; system reliabilities; Testing. Reliability. Quality control
• ISSN: 1751-8687; 1751-8695; 1751-8695
• DOI: 10.1049/iet-gtd.2013.0822

In the future, energy framework of European Union and other countries, renewable energy plays an important role tackling the problems of the climate change and security of energy supply. The high penetration of renewable energy sources will increase the burden of system operator for maintaining system reliabilities. However, the current strategy of reliability management developed for conventional power systems and existing electricity market design may not cope with the future challenges the power system faces. The development of smart grid will enable power system scheduling and the electricity market to operate in a shorter time horizon for better integrating renewable energy sources into power systems. This study presents an electricity market scheme including a multi-period energy and reserve pre-dispatch model and an energy re-dispatch model for real time operation, respectively. The multi-period energy and reserve pre-dispatch model is formulated using the multi-period optimal power flow technique. During the real time operation, the energy re-dispatch model is used for contingency management and providing balancing services. The proposed market scheme coupled with a contingency analysis methodology has been used to evaluate both real-time electricity price risk and short term reliabilities during the operational hour in the new environment.