Risk-based Operation of Power Networks with Hybrid Energy Systems

Abstract

This paper proposes a two-stage optimization framework for risk-based operation of the power system integrated with hybrid energy systems (HESs), which consist of hydrogen storage systems, solar generation units, and flexible loads, and offer up/down reserve capacity into the power system operation. The proposed framework minimizes the day-ahead and real-time operation costs of the power system while accounting for the financial risks imposed by uncertainties in large-scale renewable energy sources (RES) and loads. Integration of HESs offers the Independent System Operator (ISO) additional sources of flexibility reserve capacity to manage the uncertainties and thus minimize the operation cost and financial risks in power system operation. The proposed framework is implemented on the IEEE 24-bus reliability test system using CAISO load and solar generation data and the results demonstrate the contribution of HESs to minimization of operation cost and financial risks in the power system.