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Risk-Based Constraints for the Optimal Operation of an Energy Community

Authors: Mihaly Dolanyi; Kenneth Bruninx; Jean-Francois Toubeau; Erik Delarue;

Risk-Based Constraints for the Optimal Operation of an Energy Community

Abstract

<div>This paper formulates an energy community's centralized optimal bidding and scheduling problem as a time-series scenario-driven stochastic optimization model, building on real-life measurement data. In the presented model, a surrogate battery storage system with uncertain state-of-charge (SoC) bounds approximates the portfolio's aggregated flexibility. </div><div>First, it is emphasized in a stylized analysis that risk-based energy constraints are highly beneficial (compared to chance-constraints) in coordinating distributed assets with unknown costs of constraint violation, as they limit both violation magnitude and probability. The presented research extends state-of-the-art models by implementing a worst-case conditional value at risk (WCVaR) based constraint for the storage SoC bounds. Then, an extensive numerical comparison is conducted to analyze the trade-off between out-of-sample violations and expected objective values, revealing that the proposed WCVaR based constraint shields significantly better against extreme out-of-sample outcomes than the conditional value at risk based equivalent.</div><div>To bypass the non-trivial task of capturing the underlying time and asset-dependent uncertain processes, real-life measurement data is directly leveraged for both imbalance market uncertainty and load forecast errors. For this purpose, a shape-based clustering method is implemented to capture the input scenarios' temporal characteristics.</div>

Country
Netherlands
Related Organizations
Keywords

temporal correlation, Energy community, 006, optimal bidding, stochastic optimization, risk-based constraints

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citations
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
4
Top 10%
Average
Average