Risk analysis of integrated biomass and concentrated solar system using downside risk constraint procedure

Abstract

In the electric power industry, solar energy and bioenergy are two energy resources that produce near-zero emissions. In order to generate dispatchable electricity power and make increments in the role of the ever-growing renewable-dominated networks, the concentrated solar energy connected with biomass boiler and thermal storage unit could be used. In this regard, the model of day-ahead and intra-day dispatch is represented for an integrated biomass-concentrated solar (IBCS) system with the aim of maximizing the system profitability by a cooperative association of the elements of the system. Furthermore, to capture the impact of uncertainties on the system function, the investigation of the IBCS system is carried out based on a stochastic optimization procedure called the downside risk constraint (DRC) method, which is a scenario-based procedure. In this method, the function of the elements is explored thoroughly regarding the risk-averse and risk-neutral (under risky condition) strategies (risk is not considered). The simulation results demonstrated that the proposed model of the dispatch can achieve considerable profit for the decision-maker of the system. For instance, the obtained profit in the risk-averse model is 27074.5 $, while in the risk-neutral model, it is 31,347 $. This reveals that the system operator needs to increase %14 of its expenditure in the risk-averse strategy to increase the system's security.