Probabilistic Optimal Power Flow in Electricity Markets Based on a Two-Point Estimate Method
Top Cited Papers
- 30 October 2006
- journal article
- Published by Institute of Electrical and Electronics Engineers (IEEE) in IEEE Transactions on Power Systems
- Vol. 21 (4), 1883-1893
- https://doi.org/10.1109/tpwrs.2006.881146
Abstract
This paper presents an application of a two-point estimate method (2PEM) to account for uncertainties in the optimal power flow (OPF) problem in the context of competitive electricity markets. These uncertainties can be seen as a by-product of the economic pressure that forces market participants to behave in an "unpredictable" manner; hence, probability distributions of locational marginal prices are calculated as a result. Instead of using computationally demanding methods, the proposed approach needs 2n runs of the deterministic OPF for n uncertain variables to get the result in terms of the first three moments of the corresponding probability density functions. Another advantage of the 2PEM is that it does not require derivatives of the nonlinear function used in the computation of the probability distributions. The proposed method is tested on a simple three-bus test system and on a more realistic 129-bus test system. Results are compared against more accurate results obtained from MCS. The proposed method demonstrates a high level of accuracy for mean values when compared to the MCS; for standard deviations, the results are better in those cases when the number of uncertain variables is relatively low or when their dispersion is not largeKeywords
This publication has 19 references indexed in Scilit:
- Two-Point Estimate Method for Quantifying Transfer Capability UncertaintyIEEE Transactions on Power Systems, 2005
- Transmission Congestion Management and Pricing in Simple Auction Electricity MarketsInternational Journal of Emerging Electric Power Systems, 2004
- Multiobjective optimization for pricing system security in electricity marketsIEEE Transactions on Power Systems, 2003
- Decomposition model and interior point methods for optimal spot pricing of electricity in deregulation environmentsIEEE Transactions on Power Systems, 2000
- An efficient point estimate method for probabilistic analysisReliability Engineering & System Safety, 1998
- A comparison of probabilistic perturbation and deterministic based optimal power flow solutionsIEEE Transactions on Power Systems, 1991
- Bibliography on power system probabilistic analysis (1962-88)IEEE Transactions on Power Systems, 1990
- Two-point estimates in probabilitiesApplied Mathematical Modelling, 1981
- Stochastic Optimal Energy DispatchIEEE Transactions on Power Apparatus and Systems, 1981
- Point estimates for probability momentsProceedings of the National Academy of Sciences of the United States of America, 1975