Risk-Sensitive Security-Constrained Economic Dispatch: Pricing and Algorithm Design

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Tác giả: Subhonmesh Bose, Nathan Dahlin, Avinash N Madavan, Lang Tong

Ngôn ngữ: eng

Ký hiệu phân loại: 016.33 Bibliographies and catalogs of works on specific subjects or in specific disciplines

Thông tin xuất bản: 2025

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Bộ sưu tập: Metadata

ID: 223825

We propose a risk-sensitive security-constrained economic dispatch (R-SCED) formulation capturing the tradeoff between dispatch cost and resilience against potential line failures, where risk is modeled via the conditional value at risk (CVaR). In the context of our formulation, we analyze revenue adequacy and side payments of two pricing models, one based on nominal generation costs, and another based on total marginal cost including contingencies. In particular, we prove that the system operator's (SO) merchandising surplus (MS) and total revenue are nonnegative under the latter, while under the former the same does not hold in general. We demonstrate that the proposed R-SCED formulation is amenable to decomposition and describe a Benders' decomposition algorithm to solve it. In numerical examples, we illustrate the differences in MS and total revenue under the considered pricing schemes, and the computational efficiency of our decomposition approach.
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