| Issue |
E3S Web Conf.
Volume 472, 2024
International Conference on Renewable Energy, Green Computing and Sustainable Development (ICREGCSD 2023)
|
|
|---|---|---|
| Article Number | 01010 | |
| Number of page(s) | 13 | |
| Section | Smart and Energy Efficient Systems | |
| DOI | https://doi.org/10.1051/e3sconf/202447201010 | |
| Published online | 05 January 2024 | |
A systematic approach for risk assessment and mitigation of wind integrated electricity markets
1,2 Motilal Nehru National Institute of Technology Allahabad, UP, India, 211014
3 SSN College of Engineering Chennai, India
* Corresponding author: naresh.2021ree07@mnnit.ac.in
A risk-based double auction mechanism with dispatchable loads is one of the most cost-efficient trading mechanisms in the modern real-time electricity markets. Risks in the system due to various uncertainties, such as line failure, generator failure, load changes and other severe contingencies causes non-systematic execution of real-time electricity markets. This paper presents a simple and systematic procedure for reducing system risks in deregulated power markets considering wind power integrations. For maximizing the considerable system social welfare and minimizing the system’s economic risk, the optimal placement and operation of wind power producers (WPP) have been suggested. The critical buses have been identified by accessing the different assessment tools e.g., Value at Risk (VaR), Conditional Value at Risk (CVaR), and locational marginal pricing (LMP) based Marginal Pricing Index (MPI). The presented approach has been evaluated and validated on modified IEEE 30-bus system.
Key words: Risk Assessment / Locational Marginal Price / Wind Power Producers / Real Time Electricity Market
© The Authors, published by EDP Sciences, 2024
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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