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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{
  "inLanguage": {
    "alternateName": "eng", 
    "@type": "Language", 
    "name": "English"
  }, 
  "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": "http://creativecommons.org/licenses/by/4.0/legalcode", 
  "creator": [
    {
      "affiliation": "Department of Computer Science and Automation, School of Science University of Salamanca, Plaza de la Merced s/n, 37008, Salamanca, Spain", 
      "@type": "Person", 
      "name": "Amin Shokri Gazafroudi"
    }, 
    {
      "affiliation": "C-MAST, University of Beira Interior, Covilh\u00e3 6201-001, Portugal", 
      "@type": "Person", 
      "name": "Miadreza Shafie-khah"
    }, 
    {
      "affiliation": "Electrical Engineering Department, Amirkabir University of Technology (Tehran Polytechnic), No. 424, Hafez Avenue, 15914, Tehran, Iran.", 
      "@type": "Person", 
      "name": "Mehrdad Abedi"
    }, 
    {
      "affiliation": "Electrical Engineering Department, Amirkabir University of Technology (Tehran Polytechnic), No. 424, Hafez Avenue, 15914, Tehran, Iran.", 
      "@type": "Person", 
      "name": "S. Hossein Hosseinian"
    }, 
    {
      "affiliation": "Electrical Engineering Department, Amirkabir University of Technology (Tehran Polytechnic), No. 424, Hafez Avenue, 15914, Tehran, Iran.", 
      "@type": "Person", 
      "name": "Gholam Hossein Riahy Dehkordi"
    }, 
    {
      "affiliation": "School of Electrical and Electronic Engineering, Nanyang Technological University, 639798 Singapore, Singapore.", 
      "@type": "Person", 
      "name": "Lalit Goel"
    }, 
    {
      "affiliation": "Electrical Engineering Department, Amirkabir University of Technology (Tehran Polytechnic), No. 424, Hafez Avenue, 15914 Tehran, Iran", 
      "@type": "Person", 
      "name": "Peyman Karimyan"
    }, 
    {
      "affiliation": "MediaLab, Massachusetts Institute of Technology, Cambridge, Massachusetts, USA", 
      "@type": "Person", 
      "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", 
      "@type": "Person", 
      "name": "Juan Manuel Corchado"
    }, 
    {
      "affiliation": "INESC-ID, Instituto Superior T\u00e9cnico, University of Lisbon, Lisbon 1049-001, Portugal", 
      "@type": "Person", 
      "name": "Jo\u00e3o P.S.Catal\u00e3o"
    }
  ], 
  "url": "https://zenodo.org/record/1157990", 
  "image": "https://zenodo.org/static/img/logos/zenodo-gradient-round.svg", 
  "datePublished": "2017-07-22", 
  "headline": "A Novel Stochastic Reserve Cost Allocation Approach of Electricity Market Agents in the Restructured Power Systems", 
  "keywords": [
    "Customer choice of reliability", 
    "Simultaneous market clearing", 
    "Stochastic programming", 
    "Reserve cost allocation", 
    "Wind power integrating"
  ], 
  "@context": "https://schema.org/", 
  "identifier": "https://doi.org/10.1016/j.epsr.2017.07.012", 
  "@id": "https://doi.org/10.1016/j.epsr.2017.07.012", 
  "@type": "ScholarlyArticle", 
  "name": "A Novel Stochastic Reserve Cost Allocation Approach of Electricity Market Agents in the Restructured Power Systems"
}
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