Optimal planning and operation of integrated energy systems in South Korea: Introducing a Novel ambiguity set based distributionally robust optimization

Yeong Geon Son and Sung Yul Kim

Energy, 2024, vol. 307, issue C

Abstract: In this paper, we address the increasing focus on Renewable Energy Sources (RES) and energy policies in S. Korea, advocating for a shift from large, centralized power systems to decentralized Local Power Systems (LPS). This transition emphasizes the integration of Integrated Energy Systems (IES), which significantly enhances the target benefits for stakeholders in the power system. We have also adopted a Distributionally Robust Optimization (DRO) approach to account for the output uncertainty of RES and developed and applied new ambiguity sets tailored to each RES, enhancing the extensive robust design previously utilized with DRO. By applying our proposed ambiguity set-based DRO, we avoid excessive robustness and achieve superior optimal outcomes compared to the general DRO methodology, potentially making a significant contribution to business investment decisions. We have categorized the main stakeholders of the power system as Independent Systems Operators (ISO), Renewable Energy Providers (REP), Energy Exchange Aggregators (EXA), and End-users. The integration of IES leads to a benefit improvement rate of up to 34.8 %, 23.0 %, and 24.2 % for ISOs, REPs, and End-users, respectively, on a global scale. EXAs can secure an annual economic profit of up to $191,362.

Keywords: Integrated energy system; Local power system; Distributionally robust optimization; Ambiguity set (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0360544224022771
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:energy:v:307:y:2024:i:c:s0360544224022771

DOI: 10.1016/j.energy.2024.132503

Access Statistics for this article

Energy is currently edited by Henrik Lund and Mark J. Kaiser

More articles in Energy from Elsevier
Bibliographic data for series maintained by Catherine Liu ().