Journal article Open Access

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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  <identifier identifierType="URL">https://zenodo.org/record/1157990</identifier>
  <creators>
    <creator>
      <creatorName>Amin Shokri Gazafroudi</creatorName>
      <affiliation>Department of Computer Science and Automation, School of Science University of Salamanca, Plaza de la Merced s/n, 37008, Salamanca, Spain</affiliation>
    </creator>
    <creator>
      <creatorName>Miadreza Shafie-khah</creatorName>
      <affiliation>C-MAST, University of Beira Interior, Covilhã 6201-001, Portugal</affiliation>
    </creator>
    <creator>
      <creatorName>Mehrdad Abedi</creatorName>
      <affiliation>Electrical Engineering Department, Amirkabir University of Technology (Tehran Polytechnic), No. 424, Hafez Avenue, 15914, Tehran, Iran.</affiliation>
    </creator>
    <creator>
      <creatorName>S. Hossein Hosseinian</creatorName>
      <affiliation>Electrical Engineering Department, Amirkabir University of Technology (Tehran Polytechnic), No. 424, Hafez Avenue, 15914, Tehran, Iran.</affiliation>
    </creator>
    <creator>
      <creatorName>Gholam Hossein Riahy Dehkordi</creatorName>
      <affiliation>Electrical Engineering Department, Amirkabir University of Technology (Tehran Polytechnic), No. 424, Hafez Avenue, 15914, Tehran, Iran.</affiliation>
    </creator>
    <creator>
      <creatorName>Lalit Goel</creatorName>
      <affiliation>School of Electrical and Electronic Engineering, Nanyang Technological University, 639798 Singapore, Singapore.</affiliation>
    </creator>
    <creator>
      <creatorName>Peyman Karimyan</creatorName>
      <affiliation>Electrical Engineering Department, Amirkabir University of Technology (Tehran Polytechnic), No. 424, Hafez Avenue, 15914 Tehran, Iran</affiliation>
    </creator>
    <creator>
      <creatorName>Francisco Prieto-Castrillo</creatorName>
      <affiliation>MediaLab, Massachusetts Institute of Technology, Cambridge, Massachusetts, USA</affiliation>
    </creator>
    <creator>
      <creatorName>Juan Manuel Corchado</creatorName>
      <affiliation>Department of Computer Science and Automation, School of Science University of Salamanca, Plaza de la Merced s/n, 37008 Salamanca, Spain</affiliation>
    </creator>
    <creator>
      <creatorName>João P.S.Catalão</creatorName>
      <affiliation>INESC-ID, Instituto Superior Técnico, University of Lisbon, Lisbon 1049-001, Portugal</affiliation>
    </creator>
  </creators>
  <titles>
    <title>A Novel Stochastic Reserve Cost Allocation Approach of Electricity Market Agents in the Restructured Power Systems</title>
  </titles>
  <publisher>Zenodo</publisher>
  <publicationYear>2017</publicationYear>
  <subjects>
    <subject>Customer choice of reliability</subject>
    <subject>Simultaneous market clearing</subject>
    <subject>Stochastic programming</subject>
    <subject>Reserve cost allocation</subject>
    <subject>Wind power integrating</subject>
  </subjects>
  <dates>
    <date dateType="Issued">2017-07-22</date>
  </dates>
  <language>en</language>
  <resourceType resourceTypeGeneral="Text">Journal article</resourceType>
  <alternateIdentifiers>
    <alternateIdentifier alternateIdentifierType="url">https://zenodo.org/record/1157990</alternateIdentifier>
  </alternateIdentifiers>
  <relatedIdentifiers>
    <relatedIdentifier relatedIdentifierType="DOI" relationType="IsIdenticalTo">10.1016/j.epsr.2017.07.012</relatedIdentifier>
  </relatedIdentifiers>
  <rightsList>
    <rights rightsURI="http://creativecommons.org/licenses/by/4.0/legalcode">Creative Commons Attribution 4.0 International</rights>
    <rights rightsURI="info:eu-repo/semantics/openAccess">Open Access</rights>
  </rightsList>
  <descriptions>
    <description descriptionType="Abstract">&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;</description>
    <description descriptionType="Other">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.</description>
  </descriptions>
  <fundingReferences>
    <fundingReference>
      <funderName>Fundação para a Ciência e a Tecnologia</funderName>
      <funderIdentifier funderIdentifierType="Crossref Funder ID">10.13039/501100001871</funderIdentifier>
      <awardNumber awardURI="info:eu-repo/grantAgreement/FCT/5876/147350/">147350</awardNumber>
      <awardTitle>Centre for Mechanical and Aerospace Science and Technologies</awardTitle>
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      <funderName>Fundação para a Ciência e a Tecnologia</funderName>
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      <awardNumber awardURI="info:eu-repo/grantAgreement/FCT/5876/147326/">147326</awardNumber>
      <awardTitle>INESC TEC - INESC Technology and Science</awardTitle>
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    <fundingReference>
      <funderName>Fundação para a Ciência e a Tecnologia</funderName>
      <funderIdentifier funderIdentifierType="Crossref Funder ID">10.13039/501100001871</funderIdentifier>
      <awardNumber awardURI="info:eu-repo/grantAgreement/FCT/5876/147282/">147282</awardNumber>
      <awardTitle>Instituto de Engenharia de Sistemas e Computadores, Investigação e Desenvolvimento em Lisboa</awardTitle>
    </fundingReference>
    <fundingReference>
      <funderName>European Commission</funderName>
      <funderIdentifier funderIdentifierType="Crossref Funder ID">10.13039/501100000780</funderIdentifier>
      <awardNumber awardURI="info:eu-repo/grantAgreement/EC/H2020/641794/">641794</awardNumber>
      <awardTitle>Enabling Demand Response for short and real-time Efficient And Market Based smart Grid Operation  - An intelligent and real-time simulation approach</awardTitle>
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    <fundingReference>
      <funderName>European Commission</funderName>
      <funderIdentifier funderIdentifierType="Crossref Funder ID">10.13039/501100000780</funderIdentifier>
      <awardNumber awardURI="info:eu-repo/grantAgreement/EC/FP7/309048/">309048</awardNumber>
      <awardTitle>Smart and Sustainable Insular Electricity Grids Under Large-Scale Renewable Integration</awardTitle>
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