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Irreversible Investments with Delayed Reaction: An Application to Generation Re-Dispatch in Power System Operation
Department of Automatic Control, Lund University.
KTH, School of Electrical Engineering (EES), Electric Power Systems.ORCID iD: 0000-0002-8189-2420
2014 (English)In: Mathematical Methods of Operations Research, ISSN 1432-2994, E-ISSN 1432-5217, Vol. 79, no 2, 195-224 p.Article in journal (Refereed) Published
Abstract [en]

In this article we consider how the operator of an electric power system should activate bids on the regulating power market in order to minimize the expected operation cost. Important characteristics of the problem are reaction times of actors on the regulating market and ramp-rates for production changes in power plants. Neglecting these will in general lead to major underestimation of the operation cost. Including reaction times and ramp-rates leads to an impulse control problem with delayed reaction. Two numerical schemes to solve this problem are proposed. The first scheme is based on the least-squares Monte Carlo method developed by Longstaff and Schwartz (Rev Financ Stud 14:113-148, 2001). The second scheme which turns out to be more efficient when solving problems with delays, is based on the regression Monte Carlo method developed by Tsitsiklis and van Roy (IEEE Trans Autom Control 44(10):1840-1851, 1999) and (IEEE Trans Neural Netw 12(4):694-703, 2001). The main contribution of the article is the idea of using stochastic control to find an optimal strategy for power system operation and the numerical solution schemes proposed to solve impulse control problems with delayed reaction.

Place, publisher, year, edition, pages
2014. Vol. 79, no 2, 195-224 p.
National Category
Probability Theory and Statistics
URN: urn:nbn:se:kth:diva-41985DOI: 10.1007/s00186-013-0459-0ISI: 000336741900004ScopusID: 2-s2.0-84898829108OAI: diva2:445739

Updated from "Manuscript" to article. QC 20140627

Available from: 2011-10-04 Created: 2011-10-04 Last updated: 2014-06-27Bibliographically approved
In thesis
1. A Stochastic Control Approach to Include Transfer Limits in Power System Operation
Open this publication in new window or tab >>A Stochastic Control Approach to Include Transfer Limits in Power System Operation
2011 (English)Doctoral thesis, comprehensive summary (Other academic)
Abstract [en]

The main function of the power grid is to transfer electric energy from generating facilities to consumers. To have a reliable and economical supply of electricity, large amounts of electric energy often have to be transferred over long distances.

The transmission system has a limited capacity to transfer electric power, called the transfer capacity. Severe system failures may follow if the transfer capacity is reached during operation.

Due to uncertainties, such as the random failure of system components, the transfer capacity for the near future is not readily determinable. Also, due to market principles, and reaction times and ramp rates of production facilities, power flow control is not fully flexible. Therefore, a transfer limit, which is below the transfer capacity, is decided and preventative actions are taken when the transfer reaches this limit.

In this thesis an approach to deciding an optimal strategy for power flow control through activation of regulating bids on the regulating power market is outlined. This approach leads to an optimal definition of transfer limits as the boundary between the domain where no bid should be activated and the domains where bids should be activated. The approach is based on weighing the expected cost from system failures against the production cost. This leads to a stochastic impulse control problem for a Markov process in continuous time.

The proposed method is a novel approach to decide transfer limits in power system operation. The method is tested in a case study on the IEEE 39 bus system, that shows promising results.

In addition to deciding optimal transfer limits, it is also investigated how the transfer capacity can be enhanced by controlling components in the power system to increase stability.

Place, publisher, year, edition, pages
Stockholm: KTH Royal Institute of Technology, 2011. xi, 67 p.
Trita-EE, ISSN 1653-5146 ; 2011:070
Frequency control, power regulating market, power system operation, power system security, stochastic impulse control, transfer capacity, transfer limit
National Category
Other Electrical Engineering, Electronic Engineering, Information Engineering
urn:nbn:se:kth:diva-41986 (URN)978-91-7501-132-5 (ISBN)
Public defence
2011-11-07, F3, Lindstedtsv 26, entréplan, KTH, S, 10:00 (English)
QC 20111010Available from: 2011-10-10 Created: 2011-10-04 Last updated: 2011-10-10Bibliographically approved

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