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Conference Paper: A decentralized approach for operating reserve procurement

TitleA decentralized approach for operating reserve procurement
Authors
Issue Date2003
PublisherIEEE.
Citation
The 6th International Conference on Advances in Power System Control, Operation and Management, 11-14 November 2003, v. 2, p. 613-618 How to Cite?
AbstractIn power markets, operating reserve procurement is usually centrally handled according to certain reliability rules and aiming at minimization of total cost for reserve procurement. In this approach, there are no customers' choices, no incentives for ISO to minimize the total cost or for reserve suppliers to commit promised reserve capacity. It may leads to severe inefficiency. In this paper, we propose a decentralized approach for operating reserve procurement and in the meantime, to discover the market price for it. In the approach, each participant selects the optimal decision to maximize his or her own interests. Insurance theory is applied; which allows consumers to transfer their risk for financial loss of outage to the ISO, and induces incentive for the ISO to manage the entire amount of reserve capacity in an efficient manner. A penalty system is introduced, which improves the liability for the genco to provide operating reserve. Detailed math model and solution procedure are presented. It is also shown that with properly defined reserve market's structure, the decentralized approach can yield same optimal solution as its centralized counterpart. Numerical example results illustrate the effectiveness of the suggested approach.
Persistent Identifierhttp://hdl.handle.net/10722/46418
References

 

DC FieldValueLanguage
dc.contributor.authorChan, CYen_HK
dc.contributor.authorChan, KTKen_HK
dc.contributor.authorNi, Yen_HK
dc.contributor.authorWu, FFen_HK
dc.date.accessioned2007-10-30T06:49:26Z-
dc.date.available2007-10-30T06:49:26Z-
dc.date.issued2003en_HK
dc.identifier.citationThe 6th International Conference on Advances in Power System Control, Operation and Management, 11-14 November 2003, v. 2, p. 613-618en_HK
dc.identifier.urihttp://hdl.handle.net/10722/46418-
dc.description.abstractIn power markets, operating reserve procurement is usually centrally handled according to certain reliability rules and aiming at minimization of total cost for reserve procurement. In this approach, there are no customers' choices, no incentives for ISO to minimize the total cost or for reserve suppliers to commit promised reserve capacity. It may leads to severe inefficiency. In this paper, we propose a decentralized approach for operating reserve procurement and in the meantime, to discover the market price for it. In the approach, each participant selects the optimal decision to maximize his or her own interests. Insurance theory is applied; which allows consumers to transfer their risk for financial loss of outage to the ISO, and induces incentive for the ISO to manage the entire amount of reserve capacity in an efficient manner. A penalty system is introduced, which improves the liability for the genco to provide operating reserve. Detailed math model and solution procedure are presented. It is also shown that with properly defined reserve market's structure, the decentralized approach can yield same optimal solution as its centralized counterpart. Numerical example results illustrate the effectiveness of the suggested approach.en_HK
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dc.languageengen_HK
dc.publisherIEEE.en_HK
dc.relation.ispartofSixth International Conference on Advances in Power System Control, Operation and Management - Proceedingsen_HK
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.rights©2003 IEEE. Personal use of this material is permitted. However, permission to reprint/republish this material for advertising or promotional purposes or for creating new collective works for resale or redistribution to servers or lists, or to reuse any copyrighted component of this work in other works must be obtained from the IEEE.en_HK
dc.titleA decentralized approach for operating reserve procurementen_HK
dc.typeConference_Paperen_HK
dc.identifier.emailNi, Y: yxni@eee.hku.hken_HK
dc.identifier.emailWu, FF: ffwu@eee.hku.hken_HK
dc.identifier.authorityNi, Y=rp00161en_HK
dc.identifier.authorityWu, FF=rp00194en_HK
dc.description.naturepublished_or_final_versionen_HK
dc.identifier.scopuseid_2-s2.0-4344637271en_HK
dc.identifier.hkuros89861-
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-4344637271&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume2en_HK
dc.identifier.spage613en_HK
dc.identifier.epage618en_HK
dc.identifier.scopusauthoridChan, CY=33967492500en_HK
dc.identifier.scopusauthoridChan, KTK=7406032953en_HK
dc.identifier.scopusauthoridNi, Y=7402910021en_HK
dc.identifier.scopusauthoridWu, FF=7403465107en_HK

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