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A Probabilistically Constrained Approach for the Energy Procurement Problem

doi: 10.3390/en10122179
handle: 20.500.11770/269448
The definition of the electric energy procurement plan represents a fundamental problem that any consumer has to deal with. Bilateral contracts, electricity market and self-production are the main supply sources that should be properly combined to satisfy the energy demand over a given time horizon at the minimum cost. The problem is made more complex by the presence of uncertainty, mainly related to the energy requirements and electricity market prices. Ignoring the uncertain nature of these elements can lead to the definition of procurement plans which are infeasible or overly expensive in a real setting. In this paper, we deal with the procurement problem under uncertainty by adopting the paradigm of joint chance constraints to define reliable plans that are feasible with a high probability level. Moreover, the proposed model includes in the objective function a risk measure to control undesirable effects caused by the random variations of the electricity market prices. The proposed model is applied to a real test case. The results show the benefit deriving from the stochastic optimization approach and the effect of considering different levels of risk aversion.
- University of Calabria Italy
Technology, T, Chance constraints; Energy procurement; Risk management; Computer Science (all); Renewable Energy, Sustainability and the Environment; Energy Engineering and Power Technology; Energy (miscellaneous), chance constraints, risk management, energy procurement, energy procurement; chance constraints; risk management
Technology, T, Chance constraints; Energy procurement; Risk management; Computer Science (all); Renewable Energy, Sustainability and the Environment; Energy Engineering and Power Technology; Energy (miscellaneous), chance constraints, risk management, energy procurement, energy procurement; chance constraints; risk management
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).16 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.Top 10% influence This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).Top 10% impulse This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.Top 10%
