Quantum mechanics

Engineering

Dispatchable generation

Economics

Power (physics)

Computer science

Mathematical optimization

Distributed generation

Expected shortfall

CVAR

Pareto principle

Physics

Operations research

Renewable energy

Mathematics

Management

Electric power system

Risk management

Electricity

Electrical engineering

IEEE Transactions on Power Systems

Solar energy and bioenergy are two leading renewable forms of energy in the move toward a near-zero-emission electric power industry. Concentrated solar power units coupled with thermal storage and biomass power plant offer dispatchable electricity, raising their ever-growing role in future renewable-dominated networks. This paper proposes a day-ahead and intraday dispatch model for maximizing the profit of an Integrated Biomass-Concentrated Solar (IBCS) system considering the synergies arising from their coupled operation. To sensibly capture uncertainty and decision sequence of real-life electricity markets, a two-stage stochastic structure is proposed, while the solar-related uncertainty is involved using Information Gap Decision Theory (IGDT). The model is complemented with a novel multi-objective architecture based on the compound of IGDT and Conditional Value-at-Risk (CVaR), which allows handling risk exposure to both stochastic and IGDT inputs. The Pareto strategies in the multi-objective model are extracted through an expanded form of the <inline-formula xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink"><tex-math notation="LaTeX">$\epsilon$</tex-math></inline-formula> -constraint method, whereas <italic xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">a posteriori</i> approach based upon the out-of-sample assessment is applied to derive the optimal dispatch pattern among the generated Pareto strategies. The simulation results demonstrate that: 1) the proposed integrated dispatch model achieves substantial profitability, and 2) the performance of the suggested CVaR-IGDT model is superior to conventional approaches.

Day-Ahead and Intraday Dispatch of an Integrated Biomass-Concentrated Solar System: A Multi-Objective Risk-Controlling Approach