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A Novel Stochastic Reserve Cost Allocation Approach of Electricity Market Agents in the Restructured Power Systems

Amin Shokri Gazafroudi; Miadreza Shafie-khah; Mehrdad Abedi; S. Hossein Hosseinian; Gholam Hossein Riahy Dehkordi; Lalit Goel; Peyman Karimyan; Francisco Prieto-Castrillo; Juan Manuel Corchado; João P.S.Catalão


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    <dct:title>A Novel Stochastic Reserve Cost Allocation Approach of Electricity Market Agents in the Restructured Power Systems</dct:title>
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    <dcat:keyword>Customer choice of reliability</dcat:keyword>
    <dcat:keyword>Simultaneous market clearing</dcat:keyword>
    <dcat:keyword>Stochastic programming</dcat:keyword>
    <dcat:keyword>Reserve cost allocation</dcat:keyword>
    <dcat:keyword>Wind power integrating</dcat:keyword>
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    <dct:description>&lt;p&gt;In this paper, a new mechanism is proposed to apportion expected reserve costs between&lt;br&gt; electricity market agents in the power system. The uncertainties of generation units, transmission lines, wind&lt;br&gt; power generation and electrical loads are considered in this model. Hence, a Stochastic Unit Commitment&lt;/p&gt; &lt;p&gt;(SUC) is used to apply the uncertainty of stochastic variables in the simultaneous energy and reserve market-&lt;br&gt; clearing problem. Moreover, electrical customers can participate in the electricity market based on their&lt;/p&gt; &lt;p&gt;desired strategies. In this paper, a novel method is proposed to allocate reserve costs between GenCos,&lt;br&gt; TransCos, electrical customers and wind farm owners. Consequently, market agents are responsible for&lt;br&gt; paying a portion of the allocated expected reserve costs based on the economic metrics that are defined for&lt;br&gt; the first time in this paper. Finally, two cases including a 3-bus test system and IEEE-RTS are utilized to&lt;br&gt; illustrate the performance of the proposed mechanism to share the expected reserve costs.&lt;/p&gt;</dct:description>
    <dct:description xml:lang="">Amin Shokri Gazafroudi, Francisco Prieto-Castrillo, and Juan Manuel Corchado acknowledge the support by the European Commission H2020 MSCA-RISE-2014: Marie Sklodowska-Curie project DREAM-GO Enabling Demand Response for short and real-time Efficient And Market Based Smart Grid Operation - An intelligent and real-time simulation approach ref. 641794. Moreover, Miadreza Shafie-khah and João P. S. Catalão acknowledge the support by FEDER funds through COMPETE 2020 and by Portuguese funds through FCT, under Projects SAICT-PAC/0004/2015 - POCI-01-0145-FEDER-016434, POCI-01-0145-FEDER-006961, UID/EEA/50014/2013, UID/CEC/50021/2013, and UID/EMS/00151/2013, and funding from the EU 7th Framework Programme FP7/2007-2013 under GA no. 309048.</dct:description>
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