NDLI: Hybrid model for stochastic clearing of joint energy and reserves market

Content Provider	IET Digital Library
Author	Sardou, Iman Goroohi Goroohi, Ali
Abstract	Day-ahead market clearing is usually executed by independent system operator to determine the accepted energy and reserve bids and their payments. In this study, an effective multi-objective stochastic framework is presented for joint energy and reserves market clearing problem considering the power system security. To this end, the 24 h scenarios are generated using the Monte Carlo simulation (MCS). Besides, a scenario reduction technique is also presented to reduce the computational burden of the proposed stochastic market clearing procedure. A new validation method based on MCS which is called MCVM method is proposed to verify the proposed strategy against the deterministic model. Direction scalarisation method (DSM) is proposed to solve the proposed multi-objective problem. A new method as the combination of gravitational search algorithm and primal-dual interior point method is employed to solve the proposed single-objective optimisation problem obtained by the DSM. IEEE 24-bus test system is used to address the effectiveness of the proposed framework.
Starting Page	2608
Ending Page	2617
Page Count	10
ISSN	17518687
Volume Number	11
e-ISSN	17518695
Issue Number	Issue 10, Jul (2017)
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/iet-gtd/11/10
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/10.1049/iet-gtd.2016.1757
Journal	IET Generation, Transmission & Distribution
Publisher Date	2017-04-25
Access Restriction	Open
Rights Holder	© The Institution of Engineering and Technology
Subject Keyword	Combinatorial Mathematics Day-ahead Market Clearing Deterministic Model Direction Scalarisation Method DSM Effective Multiobjective Stochastic Framework Energy Bids Gravitational Search Algorithm Hybrid Model IEEE 24-bus Test System Independent System Operator Joint Energy Market MCS MCVM Method Monte Carlo Method Monte Carlo Simulation Optimisation Technique Power Market Power System Economics Power System Managemen Power System Operation Power System Protection Power System Security Primal-dual Interior Point Method Reserve Bids Reserves Market Scenario Reduction Technique Search Problem Single-objective Optimisation Problem Stochastic Market Clearing Procedure Stochastic Programming Validation Method
Content Type	Text
Resource Type	Article
Subject	Control and Systems Engineering Energy Engineering and Power Technology Electrical and Electronic Engineering

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