NDLI: Microgrid energy management: how uncertainty modelling impacts economic performance

Content Provider	IET Digital Library
Author	Alipour, Manijeh Chitsaz, Hamed Zareipour, Hamidreza Wood, David
Abstract	Short-term electricity prices are key economic input to model the optimal operation of grid-connected microgrids. In competitive electricity markets, these prices are not known in advance, and need to be forecasted. Price forecasts, however, have uncertainty, and thus, their errors will impact economic gains. Three main approaches have been employed in the literature to mitigate the uncertainties associated with price forecasts, i.e. rolling horizon optimisation techniques, interval optimisation and scenario-based methods. In this study, we investigate the economic values of using these approaches, as well as the combination of them, in the operation of microgrids. This is to inform microgrid operators on how to determine which approach should be adopted under different circumstances. Therefore, we first implement point, interval and scenario forecasting models for electricity market prices. The generated forecasts are then fed into a deterministic, robust and stochastic optimisation models for operation scheduling of a typical microgrid. The changes in total energy costs of the microgrid are then evaluated. The simulation results show that while the performance of different methods depends on the volatility of market prices, the model with point price forecasts and a rolling horizon operation scheduling either outperforms other methods or does equally well.
Starting Page	5504
Ending Page	5510
Page Count	7
ISSN	17518687
Volume Number	13
e-ISSN	17518695
Issue Number	Issue 24, Dec (2019)
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/iet-gtd/13/24
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/10.1049/iet-gtd.2019.0241
Journal	IET Generation, Transmission & Distribution
Publisher Date	2019-10-23
Access Restriction	Open
Rights Holder	© The Institution of Engineering and Technology
Subject Keyword	Competitive Electricity Markets Deterministic Optimisation Model Distributed Power Generation Economic Gain Economic Performance Economic Values Electricity Market Prices Energy Management System Generated Forecasts Grid-connected Microgrid Horizon Optimisation Technique Interval Optimisation Key Economic Input Microgrid Energy Management Microgrid Operators Optimal Operation Optimisation Point Price Forecasts Power Market Power System Economics Power System Managemen Power System Operation Pricing Real-life Electricity Market Data Robust Optimisation Model Rolling Horizon Operation Scheduling Scenario Forecasting Model Scenario-based Method Short-term Electricity Prices Statistics Stochastic Linearised SCUC Stochastic Optimisation Model Total Energy Cost Typical Microgrid
Content Type	Text
Resource Type	Article
Subject	Control and Systems Engineering Energy Engineering and Power Technology Electrical and Electronic Engineering

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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9	IDR Setup or Support	Queries related to establishment and support of Institutional Digital Repository (IDR) and IDR workshops	idr@ndl.gov.in

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