Title :
Price of uncertainty in multistage stochastic power dispatch
Author :
Junjie Qin ; Rajagopal, Ram
Author_Institution :
Inst. for Comput. & Math. Eng., Stanford Univ., Stanford, CA, USA
Abstract :
The price of uncertainty measures the impact of uncertainty in the total cost of power dispatch in networks with significant penetration of renewables. It has been shown to exist in problems with deterministic prices and two stage markets. The existence of this price in multistage dispatch problem has remained an open question. This paper demonstrates the existence of the price of uncertainty in multiple stage stochastic power dispatch problems with stochastic prices. The existence proof requires a careful derivation of the structure of the optimal dispatch for this scenario. The paper concludes with various examples and applications of the price of uncertainty.
Keywords :
power generation dispatch; stochastic processes; uncertainty handling; multistage stochastic power dispatch; renewable penetration; stochastic price; uncertainty measure price; Biological system modeling; Generators; Joints; Measurement uncertainty; Power measurement; Power systems; Uncertainty;
Conference_Titel :
Decision and Control (CDC), 2014 IEEE 53rd Annual Conference on
Conference_Location :
Los Angeles, CA
Print_ISBN :
978-1-4799-7746-8
DOI :
10.1109/CDC.2014.7040021
