Use Probabilistic Forecasts in Reliable and Economic Electricity Market Scheduling and Operations
Conference
·
OSTI ID:2203695
- Idaho National Laboratory
- The Johns Hopkins University
- The University of Texas at Dallas
The value of probabilistic forecasts in electricity market operations is being increasingly recognized lately, however, the use is still limited. This study demonstrates two cases of using probabilistic forecasts in scheduling and operations of the California electricity market. We first develop a data-driven method to give weather-informed estimates of ramping reserves based on short-term probabilistic solar irradiance forecasts. By using forecasts across multiple sites, our proposed method presents advantages over the real-world baseline in terms of system reliability and economics. Our second case uses probabilistic hydro power forecasts in the scheduling of a hydro power plant under economic and environmental constraints. By optimizing the bids into both the day-ahead and real-time markets, our results demonstrate considerable economic benefits.
- Research Organization:
- Idaho National Laboratory (INL), Idaho Falls, ID (United States)
- Sponsoring Organization:
- 17; 15; 58
- DOE Contract Number:
- AC07-05ID14517
- OSTI ID:
- 2203695
- Report Number(s):
- INL/CON-22-69637-Rev000
- Country of Publication:
- United States
- Language:
- English
Similar Records
How Can Probabilistic Solar Power Forecasts Be Used to Lower Costs and Improve Reliability in Power Spot Markets? A Review and Application to Flexiramp Requirements
Coordinated Ramping Product and Regulation Reserve Procurements in CAISO and MISO using Multi-Scale Probabilistic Solar Power Forecasts (Pro2R)
Journal Article
·
Thu Oct 27 20:00:00 EDT 2022
· IEEE Open Access Journal of Power and Energy
·
OSTI ID:1903776
Coordinated Ramping Product and Regulation Reserve Procurements in CAISO and MISO using Multi-Scale Probabilistic Solar Power Forecasts (Pro2R)
Technical Report
·
Mon Jun 13 00:00:00 EDT 2022
·
OSTI ID:1873393