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Probabilistic socio-economic cost assessment integrating power market and reliability analysis

Abstract

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.
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Category

Academic chapter

Language

English

Affiliation

  • SINTEF Energy Research / Energisystemer

Year

2018

Publisher

IEEE (Institute of Electrical and Electronics Engineers)

Book

2018 IEEE International Conference on Probabilistic Methods Applied to Power Systems - PMAPS

ISBN

9781538635964

View this publication at Norwegian Research Information Repository