Location
Hilton Hawaiian Village, Honolulu, Hawaii
Event Website
https://hicss.hawaii.edu/
Start Date
3-1-2024 12:00 AM
End Date
6-1-2024 12:00 AM
Description
The modern power system is becoming significantly more reliant on weather-dependent generation technologies. Existing resource adequacy metrics are not adequate for systems with a high penetration of weather-dependent, stochastically behaving renewable resources. This paper provides an overview of the Stochastic Nodal Adequacy Platform (SNAP), a novel approach for evaluating the adequacy of a large-scale electrical grid at the nodal level while accounting for the stochastic nature of weather-dependent system components, the physical operation of the system, and the economics and market design governing unit commitment and dispatch. The output of a SNAP analysis is a set of metrics that quantify the adequacy of the system and the physical contribution and economic value that each individual system component contributes towards overall system adequacy. The latter metric – the SNAP value – is an hourly marginal resource adequacy price at every node in the system that can be integrated into existing power market design.
Recommended Citation
Tabors, Richard and Rudkevich, Aleksandr, "Stochastic Nodal Adequacy Platform: Spot Pricing of Adequacy" (2024). Hawaii International Conference on System Sciences 2024 (HICSS-57). 5.
https://aisel.aisnet.org/hicss-57/es/resilient_networks/5
Stochastic Nodal Adequacy Platform: Spot Pricing of Adequacy
Hilton Hawaiian Village, Honolulu, Hawaii
The modern power system is becoming significantly more reliant on weather-dependent generation technologies. Existing resource adequacy metrics are not adequate for systems with a high penetration of weather-dependent, stochastically behaving renewable resources. This paper provides an overview of the Stochastic Nodal Adequacy Platform (SNAP), a novel approach for evaluating the adequacy of a large-scale electrical grid at the nodal level while accounting for the stochastic nature of weather-dependent system components, the physical operation of the system, and the economics and market design governing unit commitment and dispatch. The output of a SNAP analysis is a set of metrics that quantify the adequacy of the system and the physical contribution and economic value that each individual system component contributes towards overall system adequacy. The latter metric – the SNAP value – is an hourly marginal resource adequacy price at every node in the system that can be integrated into existing power market design.
https://aisel.aisnet.org/hicss-57/es/resilient_networks/5