Impacts of Renewable Energy Source Uncertainties on Deregulated Power Market Transactions

Abstract

Nowadays, the deployment of renewable energy resources (RES) in the power system is increasing more rapidly due to open access transmission networks, deregulation of the power market and viable benefits of RES. But, uncertainty in RES energy brings new challenges in a deregulated power market (DPM). The maintenance of the power balance, technical and economic benefits of the transactions incorporated DPMs considering the uncertain nature of RES power is one of the critical tasks in the DPM. This work presents a stochastic-based approach to analyse the impacts of uncertainties of RES units on transactions in terms of their scheduled sizes and generation cost of the pool market and transactions. The system operators or power traders can take suitable actions to fulfil the transaction desires against the uncertainties of RES units based on the information provided by the proposed indices. This paper presents a new approach for optimal dispatch of transactions with minimization of generation cost of the system considering uncertainties of RES power. The RES in this paper mainly comprises solar and wind power sources. The modified IEEE-14 bus system has been adapted to illustrate the proposed stochastic dispatch model. � 2021, The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd.