Risk-based two-stage stochastic optimization problem of micro-grid operation with renewables and incentive-based demand response programs

27Citations
Citations of this article
41Readers
Mendeley users who have this article in their library.

Abstract

The operation problem of a micro-grid (MG) in grid-connected mode is an optimization one in which the main objective of the MG operator (MGO) is to minimize the operation cost with optimal scheduling of resources and optimal trading energy with the main grid. The MGO can use incentive-based demand response programs (DRPs) to pay an incentive to the consumers to change their demands in the peak hours. Moreover, the MGO forecasts the output power of renewable energy resources (RERs) and models their uncertainties in its problem. In this paper, the operation problem of an MGO is modeled as a risk-based two-stage stochastic optimization problem. To model the uncertainties of RERs, two-stage stochastic programming is considered and conditional value at risk (CVaR) index is used to manage the MGO's risk-level. Moreover, the non-linear economic models of incentive-based DRPs are used by the MGO to change the peak load. The numerical studies are done to investigate the effect of incentive-based DRPs on the operation problem of the MGO. Moreover, to show the effect of the risk-averse parameter on MGO decisions, a sensitivity analysis is carried out.

Cite

CITATION STYLE

APA

Sheikhahmadi, P., Mafakheri, R., Bahramara, S., Damavandi, M. Y., & Catalaõ, J. P. S. (2018). Risk-based two-stage stochastic optimization problem of micro-grid operation with renewables and incentive-based demand response programs. Energies, 11(3). https://doi.org/10.3390/en11030610

Register to see more suggestions

Mendeley helps you to discover research relevant for your work.

Already have an account?

Save time finding and organizing research with Mendeley

Sign up for free