Optimum Energy Hub Economic Dispatch using Chance Constrained Optimization

Abstract

This study presents the Chance-Constrained Optimization (CCO) model to solve the problem of Economic Dispatch (ED) and the optimal operation of the energy hub. This problem inherently has a nonlinear nature. To have a tractable model, the proposed model is linearized. Cost minimization is considered as objective function of the problem which is subjected to a suit of constraints. Different flexible elements such as energy storage devices and converters are also considered in the structure of the energy hub. The proposed model is tested on a sample energy hub for one year time horizon. Sensitivity analysis is performed based on the chance-constraint parameters. The results are thoroughly analyzed for the different structures of the energy hub. The results show that considering a well-tuned chance-constraint in the model has a direct impact on the final solution in a cost effective manner.