Microgrid operational decisions based on CFaR with wind power and pool prices uncertainties

Noor Miza Muhamad Razali, Amir Hisham Hashim

Research output: Chapter in Book/Report/Conference proceedingConference contribution

6 Citations (Scopus)

Abstract

The paper investigates the case of a microgrid participating in a pool-type market to enable purchasing part of its energy demand from the grid. The market exposure subjects the μgrid to various risks including price, demand volume, non-dispatchable distributed generation output and system reliability which require extensive risk based decision making processes for optimal operational strategies. By using the characteristics of a particular market and weather data, the spot price is modelled using Ornstein-Uhlenbeck mean-reverting stochastic differential equation while the wind turbine generation employed Weibull distributed wind profile. Monte-Carlo simulations with different proportions of customers classified as premier, normal and interruptible loads with heterogeneous tariffs are performed to evaluate the ratio of expected profit to expected cost of energy procurement, Cash Flow at Risk and Expected Shortfall.

Original languageEnglish
Title of host publicationProceedings of the 44th International Universities Power Engineering Conference, UPEC2009
Publication statusPublished - 01 Dec 2009
Event44th International Universities Power Engineering Conference, UPEC2009 - Glasgow, United Kingdom
Duration: 01 Sep 200904 Sep 2009

Publication series

NameProceedings of the Universities Power Engineering Conference

Other

Other44th International Universities Power Engineering Conference, UPEC2009
CountryUnited Kingdom
CityGlasgow
Period01/09/0904/09/09

All Science Journal Classification (ASJC) codes

  • Energy Engineering and Power Technology

Fingerprint Dive into the research topics of 'Microgrid operational decisions based on CFaR with wind power and pool prices uncertainties'. Together they form a unique fingerprint.

  • Cite this

    Muhamad Razali, N. M., & Hashim, A. H. (2009). Microgrid operational decisions based on CFaR with wind power and pool prices uncertainties. In Proceedings of the 44th International Universities Power Engineering Conference, UPEC2009 [5429520] (Proceedings of the Universities Power Engineering Conference).