NDLI: GENCO's Risk-Based Maintenance Outage Scheduling

Content Provider	IEEE Xplore Digital Library
Author	Lei Wu Shahidehpour, M. Tao Li
Copyright Year	1969
Abstract	This paper presents a stochastic model for the optimal risk-based generation maintenance outage scheduling based on hourly price-based unit commitment in a generation company (GENCO). Such maintenance outage schedules will be submitted by GENCOs to the ISO for approval before implementation. The objective of a GENCO is to consider financial risks when scheduling its midterm maintenance outages. The GENCO also coordinates its proposed outage scheduling with short-term unit commitment for maximizing payoffs. The proposed model is a stochastic mixed integer linear program in which random hourly prices of energy, ancillary services, and fuel are modeled as scenarios in the Monte Carlo method. Financial risks associated with price uncertainty are considered by applying expected downside risks which are incorporated explicitly as constraints. This paper shows that GENCOs could decrease financial risks by adjusting expected payoffs. Illustrative examples show the calculation of GENCO's midterm generation maintenance schedule, risk level, hourly unit commitment, and hourly dispatch for bidding into energy and ancillary services markets.
Sponsorship	IEEE Power Engineering Society
Starting Page	127
Ending Page	136
Page Count	10
File Size	305576
File Format	PDF
ISSN	08858950
Volume Number	23
Issue Number	1
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2008-02-01
Publisher Place	U.S.A.
Access Restriction	One Nation One Subscription (ONOS)
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Fuels Costs Stochastic processes ISO Spinning Contracts Uncertainty Linear programming Upper bound Electricity supply industry stochastic mixed integer programming Monte Carlo simulation optimal generation maintenance outage scheduling price-based unit commitment risk-based GENCOs
Content Type	Text
Resource Type	Article
Subject	Energy Engineering and Power Technology Electrical and Electronic Engineering

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