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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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    "description": "<p>In this paper, a new mechanism is proposed to apportion expected reserve costs between<br>\nelectricity market agents in the power system. The uncertainties of generation units, transmission lines, wind<br>\npower generation and electrical loads are considered in this model. Hence, a Stochastic Unit Commitment</p>\n\n<p>(SUC) is used to apply the uncertainty of stochastic variables in the simultaneous energy and reserve market-<br>\nclearing problem. Moreover, electrical customers can participate in the electricity market based on their</p>\n\n<p>desired strategies. In this paper, a novel method is proposed to allocate reserve costs between GenCos,<br>\nTransCos, electrical customers and wind farm owners. Consequently, market agents are responsible for<br>\npaying a portion of the allocated expected reserve costs based on the economic metrics that are defined for<br>\nthe first time in this paper. Finally, two cases including a 3-bus test system and IEEE-RTS are utilized to<br>\nillustrate the performance of the proposed mechanism to share the expected reserve costs.</p>", 
    "license": {
      "id": "CC-BY-4.0"
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    "title": "A Novel Stochastic Reserve Cost Allocation Approach of Electricity Market Agents in the Restructured Power Systems", 
    "journal": {
      "volume": "152", 
      "pages": "223-236", 
      "title": "Electric Power System Research"
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    "notes": "Amin Shokri Gazafroudi, Francisco Prieto-Castrillo, and Juan Manuel Corchado acknowledge the\nsupport by the European Commission H2020 MSCA-RISE-2014: Marie Sklodowska-Curie project\nDREAM-GO Enabling Demand Response for short and real-time Efficient And Market Based Smart Grid\nOperation - An intelligent and real-time simulation approach ref. 641794. Moreover, Miadreza Shafie-khah\nand Jo\u00e3o P. S. Catal\u00e3o acknowledge the support by FEDER funds through COMPETE 2020 and by\nPortuguese funds through FCT, under Projects SAICT-PAC/0004/2015 - POCI-01-0145-FEDER-016434,\nPOCI-01-0145-FEDER-006961, UID/EEA/50014/2013, UID/CEC/50021/2013, and\nUID/EMS/00151/2013, and funding from the EU 7th Framework Programme FP7/2007-2013 under GA no.\n309048.", 
    "keywords": [
      "Customer choice of reliability", 
      "Simultaneous market clearing", 
      "Stochastic programming", 
      "Reserve cost allocation", 
      "Wind power integrating"
    ], 
    "publication_date": "2017-07-22", 
    "creators": [
      {
        "affiliation": "Department of Computer Science and Automation, School of Science University of Salamanca, Plaza de la Merced s/n, 37008, Salamanca, Spain", 
        "name": "Amin Shokri Gazafroudi"
      }, 
      {
        "affiliation": "C-MAST, University of Beira Interior, Covilh\u00e3 6201-001, Portugal", 
        "name": "Miadreza Shafie-khah"
      }, 
      {
        "affiliation": "Electrical Engineering Department, Amirkabir University of Technology (Tehran Polytechnic), No. 424, Hafez Avenue, 15914, Tehran, Iran.", 
        "name": "Mehrdad Abedi"
      }, 
      {
        "affiliation": "Electrical Engineering Department, Amirkabir University of Technology (Tehran Polytechnic), No. 424, Hafez Avenue, 15914, Tehran, Iran.", 
        "name": "S. Hossein Hosseinian"
      }, 
      {
        "affiliation": "Electrical Engineering Department, Amirkabir University of Technology (Tehran Polytechnic), No. 424, Hafez Avenue, 15914, Tehran, Iran.", 
        "name": "Gholam Hossein Riahy Dehkordi"
      }, 
      {
        "affiliation": "School of Electrical and Electronic Engineering, Nanyang Technological University, 639798 Singapore, Singapore.", 
        "name": "Lalit Goel"
      }, 
      {
        "affiliation": "Electrical Engineering Department, Amirkabir University of Technology (Tehran Polytechnic), No. 424, Hafez Avenue, 15914 Tehran, Iran", 
        "name": "Peyman Karimyan"
      }, 
      {
        "affiliation": "MediaLab, Massachusetts Institute of Technology, Cambridge, Massachusetts, USA", 
        "name": "Francisco Prieto-Castrillo"
      }, 
      {
        "affiliation": "Department of Computer Science and Automation, School of Science University of Salamanca, Plaza de la Merced s/n, 37008 Salamanca, Spain", 
        "name": "Juan Manuel Corchado"
      }, 
      {
        "affiliation": "INESC-ID, Instituto Superior T\u00e9cnico, University of Lisbon, Lisbon 1049-001, Portugal", 
        "name": "Jo\u00e3o P.S.Catal\u00e3o"
      }
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