Chance-Constrained Market Clearing Model for Accommodating Large-Scale Renewable Energy

Abstract

The market clearing tool is critical for the day-ahead electric energy market. In this paper, we propose a chance-constrained market clearing model for the day-ahead electric energy markets in China. To accommodate large-scale renewable energy, we employ chance-constraints to manage risk and set affine policy as the units' control strategy reacting to uncertainties from variable renewable energy plants. A modified 118-bus system is utilized to test the performance of the proposed approach.