Precise performance of chance constrained programming in the energy management of electrical power generation systems

The energy management in electrical power generation systems has been the challenge of years sincethe trade-off between the two essential factors – economy and reliability – has never seemed to be establishedeasily. The above-mentioned challenge gets more complicated when we address distributed energy resourcesas the generation units of the power grid. Renewable energy resources, for example, impose a great amount ofuncertainty to generation systems for they are following weather conditions, seasonal considerations, etc. Inthis paper, we are introducing chance constrained programming (CCP) as a useful method to grant the trade-offbetween economy and risk. Further, we are discussing the malfunctions of chance constrained programmingversus its accurate and precise performance. Finally, we are showing where chance constrained programmingbest fits in energy management planning and its active participation in competitive electricity market.

Keywords:

chance constrained programming , distributed energy resources , renewable energy , wind power , fuzzy variables , energy management , electrical power generation systems , energy market , electricity market