Traditional methods for assessing the resource adequacy (RA) of a power system are becoming obsolete due to emerging trends such as the increasing deployment of variable renewable energy and storage. Consequently, analysts are recommending that RA be assessed using a Monte Carlo simulation approach that models chronological power system operations over many instances of possible operating conditions. However, this approach is necessarily more complex and computationally demanding, which is an obstacle to real-world implementation. In this study, we investigate which operational details of power systems are important to capture in order to accurately evaluate a system’s RA, versus details that add complexity but do not meaningfully affect RA results. To do so, we develop a probabilistic RA assessment framework by adapting an existing production cost model and apply it to a case study based on the IEEE Reliability Test System. Our results indicate that multi-year data, storage dispatch, and transmission limits are key details to incorporate. Accurate RA results can be obtained using non-economic dispatch strategies as long as they are coordinated with detailed operational strategies. We also demonstrate how popular expectation-based RA metrics can mask important differences in the characteristics of loss of load events.
BT - Electric Power Systems Research DA - 03/2024 DO - 10.1016/j.epsr.2023.110057 N1 -An open-access version of this journal article published in Electric Power Systems Research can be downloaded here.
N2 -Traditional methods for assessing the resource adequacy (RA) of a power system are becoming obsolete due to emerging trends such as the increasing deployment of variable renewable energy and storage. Consequently, analysts are recommending that RA be assessed using a Monte Carlo simulation approach that models chronological power system operations over many instances of possible operating conditions. However, this approach is necessarily more complex and computationally demanding, which is an obstacle to real-world implementation. In this study, we investigate which operational details of power systems are important to capture in order to accurately evaluate a system’s RA, versus details that add complexity but do not meaningfully affect RA results. To do so, we develop a probabilistic RA assessment framework by adapting an existing production cost model and apply it to a case study based on the IEEE Reliability Test System. Our results indicate that multi-year data, storage dispatch, and transmission limits are key details to incorporate. Accurate RA results can be obtained using non-economic dispatch strategies as long as they are coordinated with detailed operational strategies. We also demonstrate how popular expectation-based RA metrics can mask important differences in the characteristics of loss of load events.
PB - Elsevier BV PY - 2024 EP - 110057 T2 - Electric Power Systems Research TI - The importance of capturing power system operational details in resource adequacy assessments UR - https://doi.org/10.1016/j.epsr.2023.110057 VL - 228 SN - 0378-7796 ER -