Title :
Applying financial risk controls for power system operation and planning
Author :
Joy, Convin J. ; Spare, John ; Roark, Al
Abstract :
In this paper we discuss how statistics and measures that are used to limit risk in the financial industry can be applied to the problem of power system adequacy. We explain how these measures work, how they can be applied to measure power system reliability, and why they are superior to traditional metrics such as expected energy not served when evaluating generation and transmission system effects. In addition, we discuss how these tools can be used in both a planning and operational setting to minimize the costs of possible power interruptions.
Keywords :
cost reduction; optimisation; power system economics; power system planning; power system reliability; risk analysis; statistical analysis; cost minimization; financial risk controls; generation system; least-cost planning; portfolio optimization; power interruptions; power system adequacy; power system operation; power system planning; power system reliability; power system statistics; transmission system; Control systems; Electrical equipment industry; Energy measurement; Power generation; Power measurement; Power system control; Power system measurements; Power system planning; Power system reliability; Statistics;
Conference_Titel :
Probabilistic Methods Applied to Power Systems, 2004 International Conference on
Print_ISBN :
0-9761319-1-9
