| PhD Seminar

Name of the Speaker: Ms.Vidyamani(EE16D015)
Guide: Prof. Shanti Swarup K
Online meeting link: meet.google.com/cte-hfpu-jbj
Date/Time: 5th August 2024 (Monday), 3:00 PM
Title: Risk-based Energy Management Model for Retail Electricity Markets

Abstract :

The liberalization and restructuring of electricity markets and the increasing deployment of various emerging technologies have posed numerous challenges affecting power systems operations and economics. The introduction of uncertainties and associated risks influence the objectives of the participants in the electricity markets. Accordingly, risk management is becoming more and more important in the decision-making processes of these market participants. This work proposes an optimal risk-constrained energy management approach for a microgrid (MG) that can trade electricity in the day-ahead (DA) market to maximize the expected profit. The proposed approach is based on prospect stochastic dominance (PSD), which involves both risk aversion and risk-seeking behaviour. The different sources of uncertainty, such as renewable distributed energy resources, DA electricity price, and load demand, are considered using a scenario-based approach. Simulations are conducted on the modified IEEE 13-node with two MGs and the 37-node with four MGs distribution systems to verify the effectiveness of the proposed risk-constrained scheduling approach.