Abstract
This chapter starts by clarifying the definition of power system flexibility, the connotation of terms, the key elements of flexibility supply and demand, and their interactions. Thereafter, a mathematical method for quantifying flexibility is constructed based on the theory of probability and stochastic process to clarify the interaction mechanism of flexibility supply and demand, and the principle of flexibility balance shall be demonstrated using mathematical instruments. Finally, a mathematical method for quantitative assessment of flexibility is proposed to establish the correlation with key indicators in planning and operation, so as to lay the mathematical foundation for the research efforts going forward.
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