Risk Assessment of Electricity Price Considering Guaranteed Accommodation of Renewable Energy in Electricity Market

Abstract

Renewable energy generation (REG) based on wind power and photovoltaic has become the main energy supply for the low-carbon energy transformation in China. It is an important task to guarantee the accommodation of renewable energy through the market-based mechanism. However, due to the uncertainty of REG output, the integration of a high proportion of renewable energy into power grids may bring risks to the electricity price. On the basis, this paper incorporates the guaranteed consumption of wind power and photovoltaic renewable energy into the electricity market clearing model and proposes a price risk assessment method. Firstly, the scenario generation algorithm is established to describe the uncertainty of REG output, and a representative set of limited scenarios is generated. Secondly, the clearing model of electricity market with renewable energy participation and the calculation method of nodal price are established. Then, the price risk indexes are proposed to assess the price risk caused by renewable energy uncertainty. Finally, the effectiveness of the proposed method is verified by the modified IEEE30 bus system. The findings could guide the participation of REG in the electricity market.