Scheduling energy and spinning reserve based on linear chance constrained optimization for a wind integrated power system

In this paper, a new approach to dispatch reasonably energy and reserve in a day-ahead electricity market is presented. The spinning reserve can be offered and provided by both suppliers and consumers. Providing active power reserve by the consumers is generally considered as a part of demand response program in a power system. In this paper, a stochastic model is introduced to dispatch reserve power among market participants using the security index and chance constrained optimization method. The chance constraint meets a prescribed level of reliability in the presence of renewable resources and hence the security of the operating point of the system against credible contingencies is provided. As a matter of fact, the chance constrained approach makes a trade-off between cost and reliability. The proposed model is tested on a 24 bus IEEE test system and the results are compared with deterministic approach and where no chance constraints are introduced. Results show less cost for energy and reserve provision is achieved in the electricity market.