Accelerating system adequacy assessment using the multilevel Monte Carlo approach

S.H. Tindemans, Goran Strbac

Research output: Contribution to journalArticleScientificpeer-review

3 Downloads (Pure)

Abstract

Accurately and efficiently estimating system performance under uncertainty is paramount in power system planning and operation. Monte Carlo simulation is often used for this purpose, but convergence may be slow, especially when detailed models are used. Previously published methods to speed up computations may severely constrain model complexity, limiting their real-world effectiveness. This paper uses the recently proposed Multilevel Monte Carlo (MLMC) framework, which combines outputs from a hierarchy of simulators to boost computational efficiency without sacrificing accuracy. It explains which requirements the MLMC framework imposes on the model hierarchy, and how these naturally occur in power system adequacy assessment problems. Two adequacy assessment examples are studied in detail: a composite system and a system with heterogeneous storage units. An intuitive speed metric is introduced for easy comparison of simulation setups. Depending on the problem and metric of interest, large speedups can be obtained.
Original languageEnglish
Article number106740
JournalElectric Power Systems Research
Volume189
Issue number106740
Publication statusPublished - 8 Aug 2020

Keywords

  • Adequacy assessment
  • Computational efficiency
  • Monte Carlo methods
  • Storage dispatch
  • Time-sequential simulation

Fingerprint Dive into the research topics of 'Accelerating system adequacy assessment using the multilevel Monte Carlo approach'. Together they form a unique fingerprint.

  • Cite this