Risk averse optimal operation of a virtual power plant using two stage stochastic programming

By Mohammad Amin Tajeddini, Ashkan Rahimi-Kian, Alireza Soroudi. 2014

172 citations recorded by the source corpus.

VPP (Virtual Power Plant) is defined as a cluster of energy conversion/storage units which are centrally operated in order to improve the technical and economic performance. This paper addresses the optimal operation of a VPP considering the risk factors affecting its daily operation profits. The optimal operation is modelled in both day ahead and balancing markets as a two-stage stochastic mixed integer linear programming in order to maximize a GenCo (generation companies) expected profit. Furthermore, the CVaR (Conditional Value at Risk) is used as a risk measure technique in order to control the risk of low profit scenarios. The uncertain parameters, including the PV power output, wind power output and day-ahead market prices are modelled through scenarios. The proposed model is successfully applied to a real case study to show its applicability and the results are presented and thoroughly discussed.

Subfields: Electrical and Electronic Engineering

View Paper: https://www.semanticscholar.org/paper/06b06660d8296721c8d7839f348fef3cc1ce9cd3

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In Electrical and Electronic Engineering

Citations in the corpus

Risk Assessment of Virtual Power Plants Offering in Energy and Reserve Markets (2016, methodology): “It has been shown that, irrespective of being dispatchable, a risk-averse producer/consumer trading in the DAM expects less/more profit/cost and more/less CVaR [15], [16], [30], [31], [33].”
Optimal Offering Strategy of a Virtual Power Plant: A Stochastic Bi-Level Approach (2016, methodology): “Finally, the risk exposure of a VPP using the CVaR metric is modeled only in [24] and [25].”