Joint Energy and Spinning Reserve Market Clearing Incorporating Wind Power and Load Forecast Uncertainties

Abstract

This paper proposes an energy and spinning reserve market clearing (ESRMC) mechanism for wind-thermal power system, considering uncertainties in wind power and load forecasts. Two different market models for the ESRMC are proposed. One model includes reserve offers from the conventional thermal generators, and the other includes reserve offers from both thermal generators and demand/consumers. The stochastic behavior of wind speed and wind power is represented by the Weibull probability density function (pdf), and that of the load is represented by a normal pdf. This paper considers two objectives: total cost minimization and the system-risk-level minimization. The first objective includes the cost of energy provided by thermal and wind generators, and the cost of reserves provided by thermal generators and loads. It also includes costs due to overestimation and underestimation of available wind power and load demand. The system risk level is considered as another objective as wind power is highly uncertain. Multiobjective Strength Pareto Evolutionary Algorithm 2+ (SPEA 2+) has been used to solve the ESRMC problem. The results of the IEEE 30 bus system demonstrate the utility of the proposed approach.