Assessing the cost of the Hazard-Decision simplification in multistage stochastic hydrothermal scheduling

A Framework for Assessing the Impacts of Network Formulations in the Operation of Hydrothermal Power Systems

“…Additionally, this sub-optimal policy has detrimental effects on the operation of the system. As reported in [3,10], high operating costs as well as highly volatile thermal generation and distorted spot prices are observed.…”

“…In this algorithm, an evaluation process is carried out for specific iterations, namely, K, which are specified by the user. For instance, in [3,5] and [10], K = {1000, 1100, 1200, ...}. The fast algorithm proposed in [3] is summarised in this work as Algorithm 3.…”

“…In this chapter, the quality of the five approximations for the network constraints under study are compared. The time inconsistency gap, (3)(4)(5)(6)(7)(8)(9)(10)(11)(12), and other relevant operative indexes such as reservoir levels, thermal generation, and spot prices are studied to provide a more in-depth understanding of the differences among them.…”

“…The literature on time (in)consistency is vast (we refer to [3,[6][7][8][9] and references therein). Within the multistage stochastic programming-related literature, two main branches can be found: time inconsistency induced by dynamically inconsistent risk measures (we refer to [6] and references therein), and time inconsistency due to modeling simplifications in the planning step (see [3] and [10]). This work focuses on the latter.…”

“…As demonstrated in [3], statistically significant gaps can be induced when disregarding the Kirchhoff Voltage Law (KVL) and n-1 security criterion. In [10], statistically significant gaps are found due to the hazard-decision simplification, where the information-revelation process of the inflow uncertainty is simplified by a one-step-ahead anticipative model 2 . The present work aims to extend the results of [3] by studying the cost and distortions induced by different modeling simplifications of the network in the hydrothermal economic dispatch problem.…”