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Option Value of Demand-Side Response Schemes Under Decision-Dependent Uncertainty.
- Source :
-
IEEE Transactions on Power Systems . Sep2018, Vol. 33 Issue 5, p5103-5113. 11p. - Publication Year :
- 2018
-
Abstract
- Uncertainty in power system planning problems can be categorized into two types: exogenous and endogenous (or decision-dependent) uncertainty. In the latter case, uncertainty resolution depends on a choice (the value of some decision variables), as opposed to the former case in which the uncertainty resolves automatically with the passage of time. In this paper, a novel stochastic multistage planning model is proposed that considers endogenous uncertainty around consumer participation in demand-side response (DSR) schemes. This uncertainty can resolve following DSR deployment in two possible ways: locally (at a single bus) and globally (across the entire system). The original formulation is decomposed with the use of Benders decomposition to improve computational performance. Two versions of Benders decomposition are applied: the classic version involving sequential implementation of all operational subproblems and a novel version, specific to problems with endogenous uncertainty, which allows for the parallel execution of only those operational subproblems that are guaranteed to have a unique contribution to the solution. Case studies on 11-bus and 123-bus systems illustrate the process of endogenous uncertainty resolution and underline the strategic importance of deploying DSR ahead of time. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 08858950
- Volume :
- 33
- Issue :
- 5
- Database :
- Academic Search Index
- Journal :
- IEEE Transactions on Power Systems
- Publication Type :
- Academic Journal
- Accession number :
- 131487738
- Full Text :
- https://doi.org/10.1109/TPWRS.2018.2796076