Option value of demand-side response schemes under decision-dependent uncertainty
File(s)FINAL VERSION.pdf (997.43 KB)
Accepted version
Author(s)
Giannelos, S
Konstantelos, I
Strbac, G
Type
Journal Article
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.
Date Issued
2018-09-01
Date Acceptance
2018-01-17
Citation
IEEE Transactions on Power Systems, 2018, 33 (5), pp.5103-5113
ISSN
0885-8950
Publisher
Institute of Electrical and Electronics Engineers
Start Page
5103
End Page
5113
Journal / Book Title
IEEE Transactions on Power Systems
Volume
33
Issue
5
Copyright Statement
© 2018 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting/republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works.
Sponsor
Engineering & Physical Science Research Council (EPSRC)
Grant Number
EP/N030028/1
Subjects
Science & Technology
Technology
Engineering, Electrical & Electronic
Engineering
Benders decomposition
demand side response
endogenous uncertainty
option value
stochastic optimization
STOCHASTIC-PROGRAMMING APPROACH
DISTRIBUTION NETWORKS
POWER
MODEL
0906 Electrical And Electronic Engineering
Energy
Publication Status
Published
Date Publish Online
2018-01-30