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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    <subfield code="a">eng</subfield>
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    <subfield code="a">Customer choice of reliability</subfield>
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    <subfield code="a">Simultaneous market clearing</subfield>
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    <subfield code="a">Stochastic programming</subfield>
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    <subfield code="a">Reserve cost allocation</subfield>
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    <subfield code="a">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.
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    <subfield code="u">C-MAST, University of Beira Interior, Covilhã 6201-001, Portugal</subfield>
    <subfield code="a">Miadreza Shafie-khah</subfield>
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    <subfield code="u">Electrical Engineering Department, Amirkabir University of Technology (Tehran Polytechnic), No. 424, Hafez Avenue, 15914, Tehran, Iran.</subfield>
    <subfield code="a">Mehrdad Abedi</subfield>
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    <subfield code="u">Electrical Engineering Department, Amirkabir University of Technology (Tehran Polytechnic), No. 424, Hafez Avenue, 15914, Tehran, Iran.</subfield>
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    <subfield code="u">Electrical Engineering Department, Amirkabir University of Technology (Tehran Polytechnic), No. 424, Hafez Avenue, 15914, Tehran, Iran.</subfield>
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    <subfield code="u">School of Electrical and Electronic Engineering, Nanyang Technological University, 639798 Singapore, Singapore.</subfield>
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    <subfield code="u">Electrical Engineering Department, Amirkabir University of Technology (Tehran Polytechnic), No. 424, Hafez Avenue, 15914 Tehran, Iran</subfield>
    <subfield code="a">Peyman Karimyan</subfield>
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    <subfield code="u">Department of Computer Science and Automation, School of Science University of Salamanca, Plaza de la Merced s/n, 37008 Salamanca, Spain</subfield>
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    <subfield code="u">Department of Computer Science and Automation, School of Science University of Salamanca, Plaza de la Merced s/n, 37008, Salamanca, Spain</subfield>
    <subfield code="a">Amin Shokri Gazafroudi</subfield>
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    <subfield code="a">A Novel Stochastic Reserve Cost Allocation Approach of Electricity Market Agents in the Restructured Power Systems</subfield>
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    <subfield code="a">&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;</subfield>
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