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4350. Chance Constraint Models for the Operations of Storage Systems in Energy and Reserve Markets
Invited abstract in session MB-14: Flexibility in future energy systems, stream Energy Markets.
Monday, 10:30-12:00Room: 16 (building: 116)
Authors (first author is the speaker)
| 1. | Mehrdad Pirnia
|
| Management Sciences, University of Waterloo | |
| 2. | David Fuller
|
| Department of Management Sciences, Waterloo University | |
| 3. | Hassan Shavandi
|
| University of Waterloo |
Abstract
We present several analytical results for a chance constrained model of electric energy storage participating in both the energy and reserve markets, alongside generation, in the context of a day-ahead unit commitment model. The main source of uncertainty, and thus the reason for a reserve market, is assumed to be imperfect forecasts of wind generation. Although some intuitions in deterministic models remain valid under uncertainty but most of the intuitions and proofs become invalid in the presence of uncertainty, like buying energy at the lowest price and selling at the highest price by the battery when is available for reserves. Therefore, analyzing the unit commitment problem in the presence of wind power uncertainty and inclusion of storage batteries become crucial. We develop two chance constrained models with different features and applications. The results are discussed through a numerical example.
Keywords
- Electricity Markets
- OR in Energy
- Stochastic Optimization
Status: accepted
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