Publication Date:
2018-03-23
Description:
This paper presents a multistage stochastic programming formulation of a transmission-constrained economic dispatch subject to multiarea renewable production uncertainty, with a focus on optimizing the dispatch of storage in real-time operations. This problem is resolved using stochastic dual dynamic programming. The applicability of the proposed approach is demonstrated on a realistic case study of the German power system calibrated against the solar and wind power integration levels of 2013–2014, with a 24-h horizon and 15-min time step. The value of the stochastic solution relative to the cost of a deterministic policy amounts to 1.1%, while the value of perfect foresight relative to the cost of the stochastic programming policy amounts to 0.8%. The relative performance of various alternative real-time dispatch policies is analyzed, and the sensitivity of the results is explored.
Print ISSN:
1949-3029
Topics:
Energy, Environment Protection, Nuclear Power Engineering
