Security-Constrained Unit Commitment Based on a Realizable Energy Delivery Formulation

Security-constrained unit commitment (SCUC) is an important tool for independent system operators in the day-ahead electric power market. A serious issue arises that the energy realizability of the staircase generation schedules obtained in traditional SCUC cannot be guaranteed. This paper focuses on addressing this issue, and the basic idea is to formulate the power output of thermal units as piecewise-linear function. All individual unit constraints and systemwide constraints are then reformulated. The new SCUC formulation is solved within the Lagrangian relaxation (LR) framework, in which a double dynamic programming method is developed to solve individual unit subproblems. Numerical testing is performed for a 6-bus system and an IEEE 118-bus system on Microsoft Visual C# .NET platform. It is shown that the energy realizability of generation schedules obtained from the new formulation is guaranteed. Comparative case study is conducted between LR and mixed integer linear programming (MILP) in solving the new formulation. Numerical results show that the near-optimal solution can be obtained efficiently by the proposed LR-based method

Building and investigating generators' bidding strategies in an electricity market

In a deregulated electricity market environment, Generation Companies (GENCOs) compete with each other in the market through spot energy trading, bilateral contracts and other financial instruments. For a GENCO, risk management is among the most important tasks. At the same time, how to maximise its profit in the electricity market is the primary objective of its operations and strategic planning. Therefore, to achieve the best risk-return trade-off, a GENCO needs to determine how to allocate its assets. This problem is also called portfolio optimization. This dissertation presents advanced techniques for generator strategic bidding, portfolio optimization, risk assessment, and a framework for system adequacy optimisation and control in an electricity market environment. Most of the generator bidding related problems can be regarded as complex optimisation problems. In this dissertation, detailed discussions of optimisation methods are given and a number of approaches are proposed based on heuristic global optimisation algorithms for optimisation purposes. The increased level of uncertainty in an electricity market can result in higher risk for market participants, especially GENCOs, and contribute significantly to the drivers for appropriate bidding and risk management tasks for GENCOs in the market. Accordingly, how to build an optimal bidding strategy considering market uncertainty is a fundamental task for GENCOs. A framework of optimal bidding strategy is developed out of this research. To further enhance the effectiveness of the optimal bidding framework; a Support Vector Machine (SVM) based method is developed to handle the incomplete information of other generators in the market, and therefore form a reliable basis for a particular GENCO to build an optimal bidding strategy. A portfolio optimisation model is proposed to maximise the return and minimise the risk of a GENCO by optimally allocating the GENCO's assets among different markets, namely spot market and financial market. A new market pnce forecasting framework is given In this dissertation as an indispensable part of the overall research topic. It further enhances the bidding and portfolio selection methods by providing more reliable market price information and therefore concludes a rather comprehensive package for GENCO risk management in a market environment. A detailed risk assessment method is presented to further the price modelling work and cover the associated risk management practices in an electricity market. In addition to the issues stemmed from the individual GENCO, issues from an electricity market should also be considered in order to draw a whole picture of a GENCO's risk management. In summary, the contributions of this thesis include: 1) a framework of GENCO strategic bidding considering market uncertainty and incomplete information from rivals; 2) a portfolio optimisation model achieving best risk-return trade-off; 3) a FIA based MCP forecasting method; and 4) a risk assessment method and portfolio evaluation framework quantifying market risk exposure; through out the research, real market data and structure from the Australian NEM are used to validate the methods. This research has led to a number of publications in book chapters, journals and refereed conference proceedings

Combined heat and power plants in decarbonized energy systems: Techno-economics of carbon capture and flexibility services at the plant, city and regional levels

Our present energy system is the main driver of climate change. Variable renewable electricity generation and carbon dioxide removal (CDR) are key technologies in the transformation to a sustainable energy system, but their broad implementation implies challenges related to energy system flexibility and energy requirements of CDR technologies. The aim of this thesis is to investigate the potential and incentives for combined heat and power (CHP) plants in Sweden to contribute with CDR and flexibility services in the energy system. A techno-economic assessment scheme that considers variability in boundary conditions, such as electricity prices, and includes the CHP plant, city, and regional energy system levels is developed and applied. System optimization modeling and process-level case studies are performed to investigate how CHP plant flexibility measures are utilized and valued, and to estimate the cost and potential of CDR from Swedish CHP plants.The results indicate a large potential for Swedish CHP plants to contribute to CDR, with at least 10 MtCO2/year being available for capture and storage. The realizability of this potential is challenged by the cost of carbon capture which increases notably for CHP plants that are small and have few full load hours. CHP plants can cost-effectively contribute with flexibility provision in the studied electricity system, although the impact on the total system is limited, as the installed capacity of CHP plants is small relative to the magnitude of net load variability. From a plant perspective, the plant revenue can increase if the operation is scheduled to follow electricity price variability, but this requires a significant level of price volatility and access to large-scale thermal energy storage for maximum benefit. The fuel price has a strong impact on the competitiveness of biomass-fired CHP plants on a regional level, that compete with power-to-heat technologies in the district heating sector. In contrast, in cities, there are stronger incentives for CHP plants as heat producers regardless of how the surrounding energy system and market prices develop, due to a limited availability of other technology options and a limited grid connection capacity to drive power-to-heat

Market Engineering

This open access book provides a broad range of insights on market engineering and information management. It covers topics like auctions, stock markets, electricity markets, the sharing economy, information and emotions in markets, smart decision-making in cities and other systems, and methodological approaches to conceptual modeling and taxonomy development. Overall, this book is a source of inspiration for everybody working on the vision of advancing the science of engineering markets and managing information for contributing to a bright, sustainable, digital world. Markets are powerful and extremely efficient mechanisms for coordinating individuals’ and organizations’ behavior in a complex, networked economy. Thus, designing, monitoring, and regulating markets is an essential task of today’s society. This task does not only derive from a purely economic point of view. Leveraging market forces can also help to tackle pressing social and environmental challenges. Moreover, markets process, generate, and reveal information. This information is a production factor and a valuable economic asset. In an increasingly digital world, it is more essential than ever to understand the life cycle of information from its creation and distribution to its use. Both markets and the flow of information should not arbitrarily emerge and develop based on individual, profit-driven actors. Instead, they should be engineered to serve best the whole society’s goals. This motivation drives the research fields of market engineering and information management. With this book, the editors and authors honor Professor Dr. Christof Weinhardt for his enormous and ongoing contribution to market engineering and information management research and practice. It was presented to him on the occasion of his sixtieth birthday in April 2021. Thank you very much, Christof, for so many years of cooperation, support, inspiration, and friendship

ECOS 2012

The 8-volume set contains the Proceedings of the 25th ECOS 2012 International Conference, Perugia, Italy, June 26th to June 29th, 2012. ECOS is an acronym for Efficiency, Cost, Optimization and Simulation (of energy conversion systems and processes), summarizing the topics covered in ECOS: Thermodynamics, Heat and Mass Transfer, Exergy and Second Law Analysis, Process Integration and Heat Exchanger Networks, Fluid Dynamics and Power Plant Components, Fuel Cells, Simulation of Energy Conversion Systems, Renewable Energies, Thermo-Economic Analysis and Optimisation, Combustion, Chemical Reactors, Carbon Capture and Sequestration, Building/Urban/Complex Energy Systems, Water Desalination and Use of Water Resources, Energy Systems- Environmental and Sustainability Issues, System Operation/ Control/Diagnosis and Prognosis, Industrial Ecology

Aeronautical Engineering: A continuing bibliography with indexes (supplement 159)

This bibliography lists 347 reports, articles and other documents introduced into the NASA scientific and technical information system in February 1983

Safety and Reliability - Safe Societies in a Changing World

The contributions cover a wide range of methodologies and application areas for safety and reliability that contribute to safe societies in a changing world. These methodologies and applications include: - foundations of risk and reliability assessment and management - mathematical methods in reliability and safety - risk assessment - risk management - system reliability - uncertainty analysis - digitalization and big data - prognostics and system health management - occupational safety - accident and incident modeling - maintenance modeling and applications - simulation for safety and reliability analysis - dynamic risk and barrier management - organizational factors and safety culture - human factors and human reliability - resilience engineering - structural reliability - natural hazards - security - economic analysis in risk managemen

AICPA audit and accounting manual : nonauthoritative technical practice aids, as of June 1, 1995

https://egrove.olemiss.edu/aicpa_guides/1755/thumbnail.jp