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Article: Fundamentals of operating reserve procurance using decentralized approach with insurance theory application

TitleFundamentals of operating reserve procurance using decentralized approach with insurance theory application
Authors
KeywordsAncillary service
Decentralized optimization
Insurance theory
Operating reserves
Power markets
Issue Date2002
PublisherElsevier SA. The Journal's web site is located at http://www.elsevier.com/locate/epsr
Citation
Electric Power Systems Research, 2002, v. 63 n. 3, p. 229-238 How to Cite?
AbstractIn power markets, ancillary service is usually centrally handled. The system operator will determine the required reserved capacity and purchase it from the reserve suppliers. And the corresponding cost is allocated to the consumers. This approach lacks customers' choices and may lead to inefficiency. In the market environment, the decentralized decision-making approach should be strongly encouraged so as to use the 'invisible hand' to achieve efficient market equilibrium. In this paper, we work out two approaches to procure operating reserve. They are the contract-based approach and the pool-based approach. In these two approaches, an insurance policy is applied to improve the availability of reserved capacity and reduce the loss of consumers at generator forced outages. A numerical example is utilized to illustrate the effectiveness of the suggested approaches. It is proven that under certain conditions the pool-based approach is more cost effective and should be adopted in the deregulated power markets. © 2002 Elsevier Science B.V. All rights reserved.
Persistent Identifierhttp://hdl.handle.net/10722/73833
ISSN
2015 Impact Factor: 1.809
2015 SCImago Journal Rankings: 1.256
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorChan, CYen_HK
dc.contributor.authorNi, YXen_HK
dc.contributor.authorWu, FFen_HK
dc.date.accessioned2010-09-06T06:55:12Z-
dc.date.available2010-09-06T06:55:12Z-
dc.date.issued2002en_HK
dc.identifier.citationElectric Power Systems Research, 2002, v. 63 n. 3, p. 229-238en_HK
dc.identifier.issn0378-7796en_HK
dc.identifier.urihttp://hdl.handle.net/10722/73833-
dc.description.abstractIn power markets, ancillary service is usually centrally handled. The system operator will determine the required reserved capacity and purchase it from the reserve suppliers. And the corresponding cost is allocated to the consumers. This approach lacks customers' choices and may lead to inefficiency. In the market environment, the decentralized decision-making approach should be strongly encouraged so as to use the 'invisible hand' to achieve efficient market equilibrium. In this paper, we work out two approaches to procure operating reserve. They are the contract-based approach and the pool-based approach. In these two approaches, an insurance policy is applied to improve the availability of reserved capacity and reduce the loss of consumers at generator forced outages. A numerical example is utilized to illustrate the effectiveness of the suggested approaches. It is proven that under certain conditions the pool-based approach is more cost effective and should be adopted in the deregulated power markets. © 2002 Elsevier Science B.V. All rights reserved.en_HK
dc.languageengen_HK
dc.publisherElsevier SA. The Journal's web site is located at http://www.elsevier.com/locate/epsren_HK
dc.relation.ispartofElectric Power Systems Researchen_HK
dc.subjectAncillary serviceen_HK
dc.subjectDecentralized optimizationen_HK
dc.subjectInsurance theoryen_HK
dc.subjectOperating reservesen_HK
dc.subjectPower marketsen_HK
dc.titleFundamentals of operating reserve procurance using decentralized approach with insurance theory applicationen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0378-7796&volume=63&spage=229&epage=238&date=2002&atitle=Fundamentals+of+operating+reserve+Procurance+using+decentralized+approach+with+insurance+theory+applicationen_HK
dc.identifier.emailNi, YX: yxni@eee.hku.hken_HK
dc.identifier.emailWu, FF: ffwu@eee.hku.hken_HK
dc.identifier.authorityNi, YX=rp00161en_HK
dc.identifier.authorityWu, FF=rp00194en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1016/S0378-7796(02)00115-3en_HK
dc.identifier.scopuseid_2-s2.0-0037190996en_HK
dc.identifier.hkuros80401en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0037190996&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume63en_HK
dc.identifier.issue3en_HK
dc.identifier.spage229en_HK
dc.identifier.epage238en_HK
dc.identifier.isiWOS:000178808700008-
dc.publisher.placeSwitzerlanden_HK
dc.identifier.scopusauthoridChan, CY=15752614000en_HK
dc.identifier.scopusauthoridNi, YX=7402910021en_HK
dc.identifier.scopusauthoridWu, FF=7403465107en_HK

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