Hybrid model for stochastic clearing of joint energy and reserves market

Day-ahead market clearing is usually executed by independent system operator to determine the accepted energy and reserve bids and their payments. In this study, an effective multi-objective stochastic framework is presented for joint energy and reserves market clearing problem considering the power...

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Bibliographic Details
Published in:IET generation, transmission & distribution Vol. 11; no. 10; pp. 2608 - 2617
Main Authors: Goroohi Sardou, Iman, Goroohi, Ali
Format: Journal Article
Language:English
Published: The Institution of Engineering and Technology 13.07.2017
Subjects:
day‐ahead market clearing
deterministic model
direction scalarisation method
DSM
effective multiobjective stochastic framework
energy bids
gravitational search algorithm
hybrid model
IEEE 24‐bus test system
independent system operator
joint energy market
MCS
MCVM method
Monte Carlo methods
Monte Carlo simulation
power markets
power system security
primal‐dual interior point method
Research Article
reserve bids
reserves market
scenario reduction technique
search problems
single‐objective optimisation problem
stochastic market clearing procedure
stochastic programming
validation method
deterministic model
stochastic programming
stochastic market clearing procedure
reserves market
Monte Carlo methods
MCVM method
direction scalarisation method
independent system operator
power markets
search problems
DSM
IEEE 24-bus test system
day-ahead market clearing
single-objective optimisation problem
power system security
hybrid model
joint energy market
energy bids
primal-dual interior point method
gravitational search algorithm
reserve bids
effective multiobjective stochastic framework
validation method
MCS
scenario reduction technique
Monte Carlo simulation
ISSN:1751-8687, 1751-8695
Online Access:Get full text
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Description
Summary:Day-ahead market clearing is usually executed by independent system operator to determine the accepted energy and reserve bids and their payments. In this study, an effective multi-objective stochastic framework is presented for joint energy and reserves market clearing problem considering the power system security. To this end, the 24 h scenarios are generated using the Monte Carlo simulation (MCS). Besides, a scenario reduction technique is also presented to reduce the computational burden of the proposed stochastic market clearing procedure. A new validation method based on MCS which is called MCVM method is proposed to verify the proposed strategy against the deterministic model. Direction scalarisation method (DSM) is proposed to solve the proposed multi-objective problem. A new method as the combination of gravitational search algorithm and primal-dual interior point method is employed to solve the proposed single-objective optimisation problem obtained by the DSM. IEEE 24-bus test system is used to address the effectiveness of the proposed framework.
ISSN:1751-8687
1751-8695
DOI:10.1049/iet-gtd.2016.1757