Abstract
The increasing integration of distributed generation (DG) has changed the way modern power systems are planned and operated. However, new market mechanisms at the retail level are still needed to effectively integrate energy resources and emerging market participants in the distribution grid. In this article, a stochastic market clearing and settlement model with distributed renewable energy (DRE) utilization constraints is presented. The proposed model considers the uncertainties associated with the DRE productions in the distribution grid and ensures that a certain portion of the total available DRE at a specified time will be utilized with a high probability. The problem is formulated as a chance-constrained two-stage stochastic programming model that minimizes the expected distribution system operation cost and is solved through a sample average approximation algorithm. Case studies are conducted to verify the effectiveness of the proposed model for different DRE utilization requirements.
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