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On Monte Carlo simulation of electricity markets with uncertainties in precipitation and load forecasts
KTH, Superseded Departments. (Electric Power Systems)ORCID iD: 0000-0001-6000-9363
KTH, Superseded Departments. (Electric Power Systems)ORCID iD: 0000-0002-8189-2420
2001 (English)In: Power Tech Proceedings, 2001 IEEE Porto, 2001, Vol. 1, 6-1 p.Conference paper, Published paper (Refereed)
Abstract [en]

Long-term planning of a power system requires that the electricity market can be simulated. One important aspect that should be simulated is that the owners of hydro power plants with reservoirs (generally referred to as dispatchable hydro power) are forced to base their scheduling on uncertain forecasts on precipitation and load. It is inevitable that this lack of perfect information has an impact on the operation costs and reliability of the system. Hence, a simulation of an electricity market should include this property of dispatchable hydro, power. This paper shows how the consequences of hydro power planning based on uncertain forecasts can be incorporated in a Monte Carlo model by using random water value errors

Place, publisher, year, edition, pages
2001. Vol. 1, 6-1 p.
Keyword [en]
Monte Carlo simulation;dispatchable hydropower;electricity markets;hydroelectric power plants;load forecast uncertainties;long-term planning;operation costs;precipitation uncertainties;random water value errors;reliability;reservoirs;Monte Carlo methods;electricity supply industry;hydroelectric power stations;power generation economics;power generation planning;power generation reliability;power generation scheduling;
National Category
Other Electrical Engineering, Electronic Engineering, Information Engineering
Identifiers
URN: urn:nbn:se:kth:diva-52595DOI: 10.1109/PTC.2001.964639OAI: oai:DiVA.org:kth-52595DiVA: diva2:467180
Note
NR 20140804Available from: 2011-12-19 Created: 2011-12-19 Last updated: 2012-01-12Bibliographically approved

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Amelin, M.Söder, L.

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