Probabilistic socio-economic cost assessment integrating power market and reliability analysis
Chapter, Peer reviewed
Accepted version
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Date
2018Metadata
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Original version
2018 IEEE International Conference on Probabilistic Methods Applied to Power Systems - PMAPSAbstract
Abstract: Moving from deterministic to probabilistic reliability criteria for power systems necessitates probabilistic methods for socio-economic impact assessment. This paper demonstrates a probabilistic assessment of the long-term impact of the amount of transmission capacity given to the power market both on the market costs and on the expected customer interruption costs. A hydro-thermal market analysis is integrated with a contingency and reliability analysis and applied to the Nordic power system, focusing on a particular region of Norway and the transmission limits for this region. The results of this analysis are then combined in a socio-economic cost assessment that illustrates how a probabilistic approach and flexible transmission limits may allow for a more socio-economically optimal utilization of the grid. The results show that the impact of uncertainties (climatic variability) on the socio-economic cost assessment can be substantial. Probabilistic socio-economic cost assessment integrating power market and reliability analysis
Publisher
IEEE
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