Risk-Based Networked-Constrained Unit Commitment Considering Correlated Power System Uncertainties

The forecast errors for distributed energy resources (DERs) and hourly demands have contributed to power system uncertainties and additional risks in the day-ahead scheduling of electricity markets. In this paper, a risk-based approach is introduced to determine the stochastic solution of network-constrained unit commitment (NCUC) when additional uncertainties are embedded in the power system scheduling. The historical power market transaction data are used to model nodal injection uncertainties and reserve capacity requirements are considered to assess the solution of the risk-based NCUC. The proposed NCUC problem is formulated as a single-stage second order cone program which is a convex algorithm. The proposed approach provides an efficient solution for large-scale stochastic problems and helps accommodate the DER variabilities in secure and economic operations of power systems. The proposed stochastic algorithm is tested and the results are analyzed for the IEEE RTS-96 and IEEE 300-bus test systems.