Abstract
As the penetration of renewable energy increases and conventional generation units retire gradually, the frequency stability of the power system is seriously threatened. Renewable energy sources (RES) and residential demand response (RDR) are two feasible methods for frequency regulation, but both are affected by uncertainties, such as weather and geographic location. In this paper, the accuracy index to evaluate the output performance of RES and RDR is established. Based on Conditional Value-at-Risk (CVaR) in economics theory, the potential risk due to uncertainties is quantified as economic loss. The method of calculating costs of RES and RDR providing frequency regulation services is proposed, and the results are compared with the traditional thermal power plants. The simulation results show that RES has the lowest frequency regulation cost, while thermal power has the worst economy. Moreover, considering the uncertainty risks or not has a significant impact on the frequency regulation cost, especially for RES.
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Acknowledgments
This research is supported by National Natural Science Foundation of China (51907026), Natural Science Foundation of Jiangsu Province (BK20190361), Key Research and Development Program of Jiangsu Province (BE2020081-2), and Chinese Society of Electrical Engineering (JLB-2020-186).
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Zhang, W., Cao, Z., Chen, X., Hu, Q. (2022). Active Power Support for Fast Frequency Response: An Economic Perspective. In: Liang, X., Li, Y., He, J., Yang, Q. (eds) The proceedings of the 16th Annual Conference of China Electrotechnical Society. Lecture Notes in Electrical Engineering, vol 890. Springer, Singapore. https://doi.org/10.1007/978-981-19-1870-4_71
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DOI: https://doi.org/10.1007/978-981-19-1870-4_71
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