Stochastic Optimization of Power System Operation in Presence of Renewable Energy Sources

The liberalization process of the energy market structure determined significant changes in the electric utility industry, from both generating and transmission perspectives, and new generation technologies emerged, deeply influencing the industry profile. Nowadays, based on the governmental incentives and free access to the power systems, the share of renewable energy sources in the bulk power system generation is increasing. With respect to the classical fuel-based sources, the renewable energy sources (like photovoltaic and wind turbines) have an intermittent character determined by the meteorological conditions. Their production cannot be known exactly, but can be forecasted with some degree of accuracy. Thus, within the power system, network measures must be adopted for ensuring its safe operation.