A conditional value at risk-based optimal power flow in hybrid AC/DC power systems

In recent decades, the demand for energy and the need to improve power systems' efficiency have made hybrid AC/DC systems an effective solution. They are crucial for integrating renewable energy sources (RESs), like wind farms, into power systems. One of the significant challenges in managing these systems is the optimal power flow (OPF) problem. In hybrid AC/DC systems, the AC and DC networks are interconnected, so both must be modelled together, increasing the complexity of this problem. Furthermore, uncertainties in load demand and RES outputs make optimisation more complex, leading to fluctuations in system performance. Thus, risk management becomes essential. The Conditional Value at Risk (CVaR) tool effectively manages risks and comprehensively evaluates system performance under uncertainty. By incorporating CVaR into the OPF problem, which typically aims to minimise operational costs, more reliable solutions can be achieved by considering risks. This paper proposes a novel framework for solving the extended OPF problem in hybrid AC/DC systems by applying the CVaR criterion to the voltage magnitude deviation index (VDI) of buses, aiming to minimise costs and effectively manage risks associated with system uncertainties and fluctuations, particularly those arising from the integration of RESs. The proposed method is evaluated on the IEEE 39-bus test system.