Title :
Comparing variance reduction techniques for Monte Carlo Simulation of trading and security in a three-area power system
Author :
Perninge, Magnus ; Amelin, Mikael ; Knazkins, Valerijs
Author_Institution :
Sch. of Electr. Eng., R. Inst. of Technol., Stockholm
Abstract :
A variance reduction technique is a method used to reduce the variance of a Monte Carlo simulation. In this paper four of the most commonly used variance reduction techniques are tested to estimate the trade of between trading and security in a three-area electric power system. The comparison is made by regarding both the variance reduction and the bias induced by the method.
Keywords :
Monte Carlo methods; power system security; Monte Carlo simulation; three-area power system security; variance reduction techniques; Benchmark testing; Monte Carlo methods; Power system reliability; Power system security; Power system simulation; Random number generation; Sampling methods; Stochastic processes; System testing; Yield estimation;
Conference_Titel :
Transmission and Distribution Conference and Exposition: Latin America, 2008 IEEE/PES
Conference_Location :
Bogota
Print_ISBN :
978-1-4244-2217-3
Electronic_ISBN :
978-1-4244-2218-0
DOI :
10.1109/TDC-LA.2008.4641763
