Campus Units
Industrial and Manufacturing Systems Engineering
Document Type
Article
Publication Version
Accepted Manuscript
Publication Date
12-15-2017
Journal or Book Title
Energy Systems
DOI
10.1007/s12667-017-0265-5
Abstract
Unit commitment seeks the most cost effective generator commitment schedule for an electric power system to meet net load, defined as the difference between the load and the output of renewable generation, while satisfying the operational constraints on transmission system and generation resources. Stochastic programming and robust optimization are the most widely studied approaches for unit commitment under net load uncertainty. We incorporate risk considerations in these approaches and investigate their comparative performance for a multi-bus power system in terms of economic efficiency as well as the risk associated with the commitment decisions. We explicitly account for risk, via Conditional Value at Risk (CVaR) in the stochastic programming objective function, and by employing a CVaR-based uncertainty set in the robust optimization formulation. The numerical results indicate that the stochastic program with CVaR evaluated in a low-probability tail is able to achieve better cost-risk trade-offs than the robust formulation with less conservative preferences. The CVaR-based uncertainty set with the most conservative parameter settings outperforms an uncertainty set based only on ranges.
Copyright Owner
Springer Verlag
Copyright Date
2017
Language
en
File Format
application/pdf
Recommended Citation
Kazemzadeh, Narges; Ryan, Sarah M.; and Hamzeei, Mahdi, "Robust optimization vs. stochastic programming incorporating risk measures for unit commitment with uncertain variable renewable generation" (2017). Industrial and Manufacturing Systems Engineering Publications. 168.
https://lib.dr.iastate.edu/imse_pubs/168
Comments
This is an accepted manuscript published as Kazemzadeh, Narges, Sarah M. Ryan, and Mahdi Hamzeei. "Robust optimization vs. stochastic programming incorporating risk measures for unit commitment with uncertain variable renewable generation." Energy Systems: 1-25.