A Framework for Power System Operational Planning Under Uncertainty Using Coherent Risk Measures

With the increasing integration of renewable energy sources (RESs) and the implementation of dynamic line rating (DLR), the accompanying uncertainties in power systems require intensive management to ensure reliable and secure operational planning. However, while numerous approaches and methods in the literature deal with uncertainties, they have not been analyzed axiomatically. This paper presents an analysis of risk in power system operation using coherent risk measures, elaborating on the origin of risk and the mechanisms of its management in the presence of various sources of uncertainty. To illustrate the practicality and benefits of coherent risk measures, a risk-averse asymmetry robust unit commitment (UC) model is established. It is based on coherent reformulations of the uncertain reserve and line flow constraints and is formulated in the form of a compact computationally efficient mixed-integer second-order conic program (SOCP). The overall performance of the proposed framework is verified using the updated 2019 IEEE Reliability Test System and the ACTIVSg2000 test system over a year-long period.