Optimal subhourly electricity resource dispatch under multiple price signals with high renewable generation availability

David P. Chassin, Sahand Behboodi and Ned Djilali

Applied Energy, 2018, vol. 213, issue C, 262-271

Abstract: This paper proposes a system-wide optimal resource dispatch strategy that enables a shift from a primarily energy cost-based approach, to a strategy using simultaneous price signals for energy, power and ramping behavior. A formal method to compute the optimal sub-hourly power trajectory is derived for a system when the price of energy and ramping are both significant. Optimal control functions are obtained in both time and frequency domains, and a discrete-time solution suitable for periodic feedback control systems is presented. The method is applied to North America Western Interconnection for the planning year 2024. It is shown that an optimal dispatch strategy that simultaneously considers both the cost of energy and the cost of ramping leads to significant cost savings in systems with high levels of renewable generation: the savings exceed 25% of the total system operating cost for a 50% renewables scenario.

Keywords: Electricity pricing; Bulk electric system; Optimal energy dispatch; Optimal ramping; Renewable integration; Resource allocation (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:appene:v:213:y:2018:i:c:p:262-271

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DOI: 10.1016/j.apenergy.2018.01.041

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