Stochastic Dual Dynamic Programming as a modelling Tool for Power Systems with Demand Response and intermittent Renewables
Résumé
In modern power systems modelling notions of stochasticity and stock management have acquired importance outside of the world of hydroelectricity due the emergence of intermittent renewables, batteries and demand-side management. This paper proposes a short review and description of Stochastic Dual Dynamic Programming with the concern of applying it to such large scale power systems. An application of SDDP to North Western Europe's power 2023 power system with internal high gas prices, interconnections with neighbours having access to cheaper gas and with demand response is presented. We show that demand-response reduces market prices, outages and drives out of the market peaking gas plants while improving social welfare in the market.
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