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Research Article

A Medium-Term Virtual Power Plant Optimization Framework Considering the Failure Rate of Its Intermittent Units Using Stochastic Programming

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Received 20 Jul 2023, Accepted 28 Oct 2023, Published online: 16 Nov 2023
 

Abstract

This article presents a model for maximizing the profit of a commercial virtual power plant (VPP) comprised of heterogeneous distributed energy resources (DERs) considering the failure or power outage of its intermittent units. The failures are taken into account through scenarios of failure happening in different parts of the units with different probabilities. The VPP has access to the future market, the day-ahead (DA) market, and bilateral contracts for trading. Since some of the parameters such as the DA market prices are volatile and uncertain, a two-stage stochastic programming approach is developed to simulate the uncertainty effectively. The VPP makes decisions regarding the future market and signing bilateral contracts in the first stage, then, decisions regarding trading in the DA market and the operation of the VPP’s DERs are taken in the second stage. Using the conditional value at risk (CVaR) approach, the behavior of the risk-neutral VPP is compared to the risk-averse VPP. It is shown that considering the failure of intermittent generation units of the VPP leads to more sensitivity of its profit toward pool prices for both risk-neutral and risk-averse VPPs. It also leads to at least 3.4% of VPP’s profit lost in the specific designed case study.

DISCLOSURE STATEMENT

No potential conflict of interest was reported by the authors.

Additional information

Funding

This article was supported by Iran National Science Foundation: INSF.

Notes on contributors

Mehran Jafari

Mehran Jafari is currently a Ph.D. candidate at Cyprus University of Technology. He received both his bachelor and master of science degrees from Semnan University in 2016 and 2019, respectively. His research interests are numerical methods for power systems simulations and modeling and optimization of renewable energy systems.

Asghar Akbari Foroud

Asghar Akbari Foroud received B.Sc. degree from Tehran University and M.Sc. and Ph.D degrees from Tarbiat-modares University, Tehran, Iran. He is now with Semnan University. His research interests include power system operation, restructuring, distribution systems and distributed generation and power quality.

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