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Two-stage stochastic model to invest in distributed generation considering the long-term uncertainties

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dc.affiliation.dptoUC3M. Departamento de Ingeniería Eléctricaes
dc.affiliation.grupoinvUC3M. Grupo de Investigación: Redes y Sistemas de Energía Eléctrica (REDES)es
dc.contributor.authorAngarita Márquez, Jorge Luis
dc.contributor.authorMokryani, Geev
dc.contributor.authorMartínez Crespo, Jorge
dc.date.accessioned2022-03-18T10:25:39Z
dc.date.available2022-03-18T10:25:39Z
dc.date.issued2021-09-02
dc.description.abstractThis paper used different risk management indicators applied to the investment optimization performed by consumers in Distributed Generation (DG). The objective function is the total cost incurred by the consumer including the energy and capacity payments, the savings, and the revenues from the installation of DG, alongside the operation and maintenance (O&M) and investment costs. Probability density function (PDF) was used to model the price volatility in the long-term. The mathematical model uses a two-stage stochastic approach: investment and operational stages. The investment decisions are included in the first stage and which do not change with the scenarios of the uncertainty. The operation variables are in the second stage and, therefore, take different values with every realization. Three risk indicators were used to assess the uncertainty risk: Value-at-Risk (VaR), Conditional Value-at-Risk (CVaR), and Expected Value (EV). The results showed the importance of migration from deterministic models to stochastic ones and, most importantly, the understanding of the ramifications of every risk indicator.en
dc.description.sponsorshipThis work was supported in-part by Innovate UK GCRF Energy Catalyst Pi-CREST project under Grant number and in-part by British Academy GCRF COMPENSE project under Grant GCRFNGR3n1541.en
dc.format.extent11
dc.identifier.bibliographicCitationAngarita-Márquez, J. L., Mokryani, G., & Martínez-Crespo, J. (2021). Two-Stage Stochastic Model to Invest in Distributed Generation Considering the Long-Term Uncertainties. In Energies (Vol. 14, Issue 18, p. 5694). MDPI AG.en
dc.identifier.doihttps://doi.org/10.3390/en14185694
dc.identifier.issn1996-1073
dc.identifier.publicationfirstpage5694
dc.identifier.publicationissue18
dc.identifier.publicationlastpage5705
dc.identifier.publicationtitleEnergies (Energies)en
dc.identifier.publicationvolume14
dc.identifier.urihttps://hdl.handle.net/10016/34416
dc.identifier.uxxiAR/0000028881
dc.language.isoengen
dc.publisherMDPIen
dc.rights© 2021 by the authors. Licensee MDPI, Basel, Switzerland.en
dc.rightsAtribución 3.0 España*
dc.rights.accessRightsopen accessen
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/es/*
dc.subject.ecienciaElectrónicaes
dc.subject.ecienciaIngeniería Mecánicaes
dc.subject.otherDistributed generationen
dc.subject.otherEnergy marketsen
dc.subject.otherEnergy tradingen
dc.subject.otherMix-integer linear programmingen
dc.subject.otherTwo-stage stochastic programmingen
dc.titleTwo-stage stochastic model to invest in distributed generation considering the long-term uncertaintiesen
dc.typeresearch article*
dc.type.hasVersionVoR*
dspace.entity.typePublication
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