Stochastic Modeling of Renewable Energy Sources for Capacity Credit Evaluation

Siripha Junlakarn, Radhanon Diewvilai and Kulyos Audomvongseree
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Siripha Junlakarn: Energy Research Institute, Chulalongkorn University, Bangkok 10330, Thailand
Radhanon Diewvilai: Department of Electrical Engineering, Faculty of Engineering, Chulalongkorn University, Bangkok 10330, Thailand
Kulyos Audomvongseree: Energy Research Institute, Chulalongkorn University, Bangkok 10330, Thailand

Energies, 2022, vol. 15, issue 14, 1-27

Abstract: In power system planning, the growth of renewable energy generation leads to several challenges including system reliability due to its intermittency and uncertainty. To quantify the relatively reliable capacity of this generation, capacity credit is usually adopted for long-term power system planning. This paper proposes an evaluation of the capacity credit of renewable energy generation using stochastic models for resource availability. Six renewable energy generation types including wind, solar PV, small hydro, biomass, biogas, and waste were considered. The proposed models are based on the stochastic process using the Wiener process and other probability distribution functions to explain the randomness of the intermittency. Moreover, for solar PV—the generation of which depends on two key random variables, namely irradiance and temperature—a copula function is used to model their joint probabilistic behavior. These proposed models are used to simulate power outputs of renewable energy generations and then determine the capacity credit which is defined as the capacity of conventional generation that can maintain a similar level of system reliability. The proposed method is tested with Thailand’s power system and the results show that the capacity credit depends on the time of day and the size of installed capacity of the considered renewable energy generation.

Keywords: renewable energy; capacity credit; dependable capacity; copula function; stochastic model; reliability evaluation (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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