Multiple Perspective-Cuts Outer Approximation Method for Risk-Averse Operational Planning of Regional Energy Service Providers
Research output: Journal Publications and Reviews › RGC 21 - Publication in refereed journal › peer-review
Author(s)
Detail(s)
Original language | English |
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Article number | 7936502 |
Pages (from-to) | 2606-2619 |
Journal / Publication | IEEE Transactions on Industrial Informatics |
Volume | 13 |
Issue number | 5 |
Publication status | Published - 1 Oct 2017 |
Externally published | Yes |
Link(s)
Abstract
In the smart grid and future energy internet environment, a regional energy service provider (RESP) may be able to integrate multiple energy resources such as generator units, demand response, electrical vehicle charging/swapping stations, and carbon emission trading to participate in the market. By imploring a well-known portfolio optimization theory conditional value-at-risk to tackle electricity price uncertainty, this paper formulates the risk-averse day-ahead operational planning for such a RESP as a mixed-integer quadratically constrained programming (MIQCP), named as RA-RESP. A global optimization method, named as multiple perspective-cuts outer approximation method (MPC-OAM) is proposed to solve this model efficiently. A remarkable stronger and tighter mixed integer linear programing master problem is designed to accelerate the convergence of the proposed method. Comprehensive simulation results show that, compared with existing day-ahead planning models, the RA-RESP is a good compromise between profit-based models and cost-based ones. The proposed MPC-OAM can solve complicated RA-RESP problem efficiently, and compared with state-of-the-art solution techniques, the MPC-OAM outperforms in both computing speed and solution quality, especially for scenario which includes more nonlinear factors. © 2005-2012 IEEE.
Research Area(s)
- Conditional value-at-risk, outer approximation, perspective-cut, regional energy service provider, uncertainty
Bibliographic Note
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Citation Format(s)
Multiple Perspective-Cuts Outer Approximation Method for Risk-Averse Operational Planning of Regional Energy Service Providers. / Yang, Linfeng; Jian, Jinbao; Xu, Yan et al.
In: IEEE Transactions on Industrial Informatics, Vol. 13, No. 5, 7936502, 01.10.2017, p. 2606-2619.
In: IEEE Transactions on Industrial Informatics, Vol. 13, No. 5, 7936502, 01.10.2017, p. 2606-2619.
Research output: Journal Publications and Reviews › RGC 21 - Publication in refereed journal › peer-review