Two-stage optimal risk management of large electricity consumer using second-order stochastic dominance
Various energy consumers, such as large energy consumers (LEC), are targeted to procure the demanded energy from various power markets such as the pool market and different energy resources, including renewable energy resources (RES), and conventional energy resources optimize the traded energy. In...
Saved in:
Main Authors: | , , , , , |
---|---|
Format: | Conference or Workshop Item |
Published: |
2022
|
Subjects: | |
Online Access: | http://eprints.utm.my/id/eprint/98857/ http://dx.doi.org/10.1109/ICPEA53519.2022.9744665 |
Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
id |
my.utm.98857 |
---|---|
record_format |
eprints |
spelling |
my.utm.988572023-02-02T09:47:03Z http://eprints.utm.my/id/eprint/98857/ Two-stage optimal risk management of large electricity consumer using second-order stochastic dominance Nourollahi, Ramin Mazaheri Khamaneh, Saman Mohammadi Ivatloo, Behnam Zare, Kazem Anvari Moghaddam, Amjad Abdul Malek, Zulkurnain TK Electrical engineering. Electronics Nuclear engineering Various energy consumers, such as large energy consumers (LEC), are targeted to procure the demanded energy from various power markets such as the pool market and different energy resources, including renewable energy resources (RES), and conventional energy resources optimize the traded energy. In this article, a novel decision-making framework is proposed to schedule the LEC. The proposed technique in this article is based on the second-order stochastic dominance (SSD) to investigate the uncertainty in the total operation cost of the LEC. It is assumed that the market price, pool price, electricity load, and the power output of renewable energy sources (RES), including PV and WT, are uncertain parameters. In the proposed SSD-constrained stochastic programming, demand response programming (DRP) is provided to decrease the operation cost of the LEC. A case study is used to illustrate the effectiveness and efficiency of the novel SSD approach. According to the simulation results, the operation cost of LEC is remarkably decreased from 62,960 to 59,550 in the risk-neutral case (without including risk factor) and SSD case (worst case) with considering DRP, respectively. 2022 Conference or Workshop Item PeerReviewed Nourollahi, Ramin and Mazaheri Khamaneh, Saman and Mohammadi Ivatloo, Behnam and Zare, Kazem and Anvari Moghaddam, Amjad and Abdul Malek, Zulkurnain (2022) Two-stage optimal risk management of large electricity consumer using second-order stochastic dominance. In: 2022 IEEE International Conference in Power Engineering Application, ICPEA 2022, 7 - 8 March 2022, Shah Alam, Malaysia. http://dx.doi.org/10.1109/ICPEA53519.2022.9744665 |
institution |
Universiti Teknologi Malaysia |
building |
UTM Library |
collection |
Institutional Repository |
continent |
Asia |
country |
Malaysia |
content_provider |
Universiti Teknologi Malaysia |
content_source |
UTM Institutional Repository |
url_provider |
http://eprints.utm.my/ |
topic |
TK Electrical engineering. Electronics Nuclear engineering |
spellingShingle |
TK Electrical engineering. Electronics Nuclear engineering Nourollahi, Ramin Mazaheri Khamaneh, Saman Mohammadi Ivatloo, Behnam Zare, Kazem Anvari Moghaddam, Amjad Abdul Malek, Zulkurnain Two-stage optimal risk management of large electricity consumer using second-order stochastic dominance |
description |
Various energy consumers, such as large energy consumers (LEC), are targeted to procure the demanded energy from various power markets such as the pool market and different energy resources, including renewable energy resources (RES), and conventional energy resources optimize the traded energy. In this article, a novel decision-making framework is proposed to schedule the LEC. The proposed technique in this article is based on the second-order stochastic dominance (SSD) to investigate the uncertainty in the total operation cost of the LEC. It is assumed that the market price, pool price, electricity load, and the power output of renewable energy sources (RES), including PV and WT, are uncertain parameters. In the proposed SSD-constrained stochastic programming, demand response programming (DRP) is provided to decrease the operation cost of the LEC. A case study is used to illustrate the effectiveness and efficiency of the novel SSD approach. According to the simulation results, the operation cost of LEC is remarkably decreased from 62,960 to 59,550 in the risk-neutral case (without including risk factor) and SSD case (worst case) with considering DRP, respectively. |
format |
Conference or Workshop Item |
author |
Nourollahi, Ramin Mazaheri Khamaneh, Saman Mohammadi Ivatloo, Behnam Zare, Kazem Anvari Moghaddam, Amjad Abdul Malek, Zulkurnain |
author_facet |
Nourollahi, Ramin Mazaheri Khamaneh, Saman Mohammadi Ivatloo, Behnam Zare, Kazem Anvari Moghaddam, Amjad Abdul Malek, Zulkurnain |
author_sort |
Nourollahi, Ramin |
title |
Two-stage optimal risk management of large electricity consumer using second-order stochastic dominance |
title_short |
Two-stage optimal risk management of large electricity consumer using second-order stochastic dominance |
title_full |
Two-stage optimal risk management of large electricity consumer using second-order stochastic dominance |
title_fullStr |
Two-stage optimal risk management of large electricity consumer using second-order stochastic dominance |
title_full_unstemmed |
Two-stage optimal risk management of large electricity consumer using second-order stochastic dominance |
title_sort |
two-stage optimal risk management of large electricity consumer using second-order stochastic dominance |
publishDate |
2022 |
url |
http://eprints.utm.my/id/eprint/98857/ http://dx.doi.org/10.1109/ICPEA53519.2022.9744665 |
_version_ |
1758578029130416128 |
score |
13.159267 |