Strategic valuation of smart grid technology options in distribution networks

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Title: Strategic valuation of smart grid technology options in distribution networks
Authors: Konstantelos, I
Giannelos, S
Strbac, G
Item Type: Journal Article
Abstract: The increasing penetration of renewable distributed generation (DG) sources in distribution networks can lead to violations of network constraints. Thus, significant network reinforcements may be required to ensure that DG output is not constrained. However, the uncertainty around the magnitude, location and timing of future DG capacity renders planners unable to take fully-informed decisions and integrate DG at a minimum cost. In this paper we propose a novel stochastic planning model that considers investment in conventional assets as well as smart grid assets such as demandside response, coordinated voltage control and soft open points (SOPs). The model also considers the possibility of active power generation curtailment of the DG units. A node-variable formulation has been adopted to relieve the substantial computational burden of the resulting mixed integer non-linear programming (MINLP) problem. A case study shows that smart technologies can possess significant strategic value due to their inherent flexibility in dealing with different system evolution trajectories. This latent benefit remains undetected under traditional deterministic planning approaches which may hinder the transition to the smart grid.
Issue Date: 9-Jul-2016
Date of Acceptance: 9-Jul-2016
ISSN: 0885-8950
Publisher: IEEE
Start Page: 1293
End Page: 1303
Journal / Book Title: IEEE Transactions on Power Systems
Volume: 32
Issue: 2
Copyright Statement: © 2016 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/Funder: Engineering & Physical Science Research Council (E
Engineering & Physical Science Research Council (EPSRC)
Funder's Grant Number: EP/I031650/1
Keywords: Science & Technology
Engineering, Electrical & Electronic
Coordinated voltage control (CVC)
demand side response (DSR)
soft-open point (SOP)
strategic value
stochastic optimization
0906 Electrical And Electronic Engineering
Publication Status: Published
Appears in Collections:Faculty of Engineering
Electrical and Electronic Engineering
Centre for Environmental Policy
Faculty of Natural Sciences

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