Improved Stochastic Modeling: An Essential Tool for Power System Scheduling in the Presence of Uncertain Renewables

Abstract

Renewable energy is defined as the energy which naturally occurs, covers a number of sources and technologies at different stages, and is theoretically inexhaustible. Renewable energy sources such as those who are generated from sun or wind are the most readily-available and possible solutions to address the challenge of growing energy demands in the world. Newer and environmentally friendly technologies are able to provide different social and environmental benefits such as employment and decent environment. Renewable energy technologies are crucial contributors to world energy security, reduce reliance on fossil fuels, and provide opportunities for mitigating greenhouse gases. International public opinion indicates that there is strong support for a variety of methods for solving energy supply problems, one of which is utilizing renewable energy sources. In recent years, countries realized that that the renewable energy and its sector are key components for greener economies.