Risk-Based Decision Support Model for the Optimal Operation of a Smart Energy Distribution Company for Enabling Emerging Resources
- S. M. B. Sadati, University of Kurdistan, Sanandaj, Iran, Islamic Republic of
- J. Moshtagh, University of Kurdistan, Sanandaj, Iran, Islamic Republic of
- Miadreza Shafie-khah, C-MAST, Covilha, Portugal
- Joao Catalao, Univ. Porto, Porto, Portugal
AbstractIn this paper, a risk-based decision support model is developed for a smart energy distribution company, enabling emerging resources like renewable energy sources, electric vehicles and demand response programs in a holistic approach. Because of the inherent uncertainties of these emerging resources, the conditional value-at-risk (CVaR) method is adopted to restrict the distribution company’s risk. A risk aversion parameter sensitivity analysis is also provided on the optimal operation of the smart energy distribution company. The proposed model is thoroughly tested on a 15-bus distribution grid system, and the numerical results prove the effectiveness of the model in risk management.
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