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Virtual Power Plant
A virtual power plant (VPP) is a system that integrates multiple, possibly heterogeneous, power resources to provide grid power. A VPP typically sells its output to an electric utility. VPPs allow energy resources that are individually too small to be of interest to a utility to aggregate and market their power. As of 2024, VPPs operated in the United States, Europe, Asia and Australia. One study reported that VPPs during peak demand periods are up to 60% more cost effective than peaker plants. Distributed energy resources VPPs typically aggregate large numbers of distributed energy resources (DER). Resources can be dispatchable or non-dispatchable, controllable or flexible load (CL or FL). Resources can include microCHPs, natural gas-fired reciprocating engines, small-scale wind power plants (WPP), photovoltaics (PV), run-of-river hydroelectricity plants, small hydro, biomass, backup generators, and energy storage systems such as home or vehicle batteries (ESS), and devic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Peaking Power Plant
Peaking power plants, also known as peaker plants, and occasionally just "peakers", are power plants that generally run only when there is a high demand, known as peak demand, for electricity. Because they supply power only occasionally, the power supplied commands a much higher price per kilowatt hour than base load power. Peak load power plants are dispatched in combination with base load power plants, which supply a dependable and consistent amount of electricity, to meet the minimum demand. Although historically peaking power plants were frequently used in conjunction with coal baseload plants, peaking plants are now used less commonly. Combined cycle gas turbine plants have two or more cycles, the first of which is very similar to a peaking plant, with the second running on the waste heat of the first. That type of plant is often capable of rapidly starting up, albeit at reduced efficiency, and then over some hours transitioning to a more efficient baseload generation mode ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Peak Load
Peak demand on an electrical grid is the highest electrical power demand that has occurred over a specified time period (Gönen 2008). Peak demand is typically characterized as annual, daily or seasonal and has the unit of power. Peak demand, peak load or on-peak are terms used in energy demand management describing a period in which electrical power is expected to be provided for a sustained period at a significantly higher than average supply level. Peak demand fluctuations may occur on daily, monthly, seasonal and yearly cycles. For an electric utility company, the actual point of peak demand is a single half-hour or hourly period which represents the highest point of customer consumption of electricity. At this time there is a combination of office, domestic demand and at some times of the year, the fall of darkness. Some utilities will charge customers based on their individual peak demand. The highest demand during each month or even a single 15 to 30 minute period of high ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
United States Department Of Energy
The United States Department of Energy (DOE) is an executive department of the U.S. federal government that oversees U.S. national energy policy and energy production, the research and development of nuclear power, the military's nuclear weapons program, nuclear reactor production for the United States Navy, energy-related research, and energy conservation. The DOE was created in 1977 in the aftermath of the 1973 oil crisis. It sponsors more physical science research than any other U.S. federal agency, the majority of which is conducted through its system of National Laboratories. The DOE also directs research in genomics, with the Human Genome Project originating from a DOE initiative. The department is headed by the secretary of energy, who reports directly to the president of the United States and is a member of the Cabinet. The current secretary of energy is Chris Wright, who has served in the position since February 2025. The department's headquarters are in sou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Demand Response
Demand response is a change in the power consumption of an electric utility customer to better match the demand for power with the supply. Until the 21st century decrease in the cost of pumped storage and batteries, electric energy could not be easily stored, so utilities have traditionally matched demand and supply by throttling the production rate of their power plants, taking generating units on or off line, or importing power from other utilities. There are limits to what can be achieved on the supply side, because some generating units can take a long time to come up to full power, some units may be very expensive to operate, and demand can at times be greater than the capacity of all the available power plants put together. Demand response, a type of energy demand management, seeks to adjust in Real-time computing, real-time the demand for power instead of adjusting the supply. Utilities may signal demand requests to their customers in a variety of ways, including simple ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Stochastic Dominance
Stochastic dominance is a Partially ordered set, partial order between random variables. It is a form of stochastic ordering. The concept arises in decision theory and decision analysis in situations where one gamble (a probability distribution over possible outcomes, also known as prospects) can be ranked as superior to another gamble for a broad class of decision-makers. It is based on shared preference (economics), preferences regarding sets of possible outcomes and their associated probabilities. Only limited knowledge of preferences is required for determining dominance. Risk aversion is a factor only in second order stochastic dominance. Stochastic dominance does not give a total order, but rather only a partial order: for some pairs of gambles, neither one stochastically dominates the other, since different members of the broad class of decision-makers will differ regarding which gamble is preferable without them generally being considered to be equally attractive. Through ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Value At Risk
Value at risk (VaR) is a measure of the risk of loss of investment/capital. It estimates how much a set of investments might lose (with a given probability), given normal market conditions, in a set time period such as a day. VaR is typically used by firms and regulators in the financial industry to gauge the amount of assets needed to cover possible losses. For a given portfolio, time horizon, and probability ''p'', the ''p'' VaR can be defined informally as the maximum possible loss during that time after excluding all worse outcomes whose combined probability is at most ''p''. This assumes mark-to-market pricing, and no trading in the portfolio. For example, if a portfolio of stocks has a one-day 5% VaR of $1 million, that means that there is a 0.05 probability that the portfolio will fall in value by $1 million or more over a one-day period if there is no trading. Informally, a loss of $1 million or more on this portfolio is expected on 1 day out of 20 days (because of 5% p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Robust Optimization
Robust optimization is a field of mathematical optimization theory that deals with optimization problems in which a certain measure of robustness is sought against uncertainty that can be represented as deterministic variability in the value of the parameters of the problem itself and/or its solution. It is related to, but often distinguished from, probabilistic optimization methods such as chance-constrained optimization. History The origins of robust optimization date back to the establishment of modern decision theory in the 1950s and the use of worst case analysis and Wald's maximin model as a tool for the treatment of severe uncertainty. It became a discipline of its own in the 1970s with parallel developments in several scientific and technological fields. Over the years, it has been applied in statistics, but also in operations research, electrical engineering, control theory, finance, Investment management, portfolio management logistics, manufacturing engineering, chem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Info-gap Decision Theory
Info-gap decision theory seeks to optimize robustness to failure under severe uncertainty,Yakov Ben-Haim, ''Information-Gap Theory: Decisions Under Severe Uncertainty,'' Academic Press, London, 2001.Yakov Ben-Haim, ''Info-Gap Theory: Decisions Under Severe Uncertainty,'' 2nd edition, Academic Press, London, 2006. in particular applying sensitivity analysis of the stability radius type to perturbations in the value of a given estimate of the parameter of interest. It has some connections with Wald's maximin model; some authors distinguish them, others consider them instances of the same principle. It was developed by Yakov Ben-Haim, and has found many applications and described as a theory for decision-making under "''severe'' uncertainty". It has been criticized as unsuited for this purpose, and alternatives proposed, including such classical approaches as robust optimization. Applications Info-gap theory has generated a lot of literature. Info-gap theory has been studied o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Arbitrageur
Arbitrage (, ) is the practice of taking advantage of a difference in prices in two or more marketsstriking a combination of matching deals to capitalize on the difference, the profit being the difference between the market prices at which the unit is traded. Arbitrage has the effect of causing prices of the same or very similar assets in different markets to converge. When used by academics in economics, an arbitrage is a transaction that involves no negative cash flow at any probabilistic or temporal state and a positive cash flow in at least one state; in simple terms, it is the possibility of a risk-free profit after transaction costs. For example, an arbitrage opportunity is present when there is the possibility to instantaneously buy something for a low price and sell it for a higher price. In principle and in academic use, an arbitrage is risk-free; in common use, as in statistical arbitrage, it may refer to ''expected'' profit, though losses may occur, and in practice, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Operating Reserve
In electricity networks, the operating reserve is the generating capacity available to the system operator within a short interval of time to meet demand in case a generator goes down or there is another disruption to the supply. Most power systems are designed so that, under normal conditions, the operating reserve is always at least the capacity of the largest supplier plus a fraction of the peak load. Types of operating reserve The operating reserve is made up of the spinning reserve as well as the non-spinning or supplemental reserve: * The spinning reserve is the extra generating capacity that is available by increasing the power output of generators that are already connected to the power system. For most generators, this increase in power output is achieved by increasing the torque applied to the turbine's rotor. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Frequency Regulation
Ancillary services are the services necessary to support the transmission of electric power from generators to consumers given the obligations of control areas and transmission utilities within those control areas to maintain reliable operations of the interconnected transmission system. "Ancillary services are all services required by the transmission or distribution system operator to enable them to maintain the integrity and stability of the transmission or distribution system as well as the power quality". Ancillary services are specialty services and functions provided by actors within the electric grid that facilitate and support the continuous flow of electricity, so that the demand for electrical energy is met in real time. The term ancillary services is used to refer to a variety of operations beyond generation and transmission that are required to maintain grid stability and security. These services generally include active power control or frequency control and reactiv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Ancillary Services
Ancillary services are the services necessary to support the transmission of electric power from power plant, generators to consumers given the obligations of control areas and transmission utilities within those control areas to maintain reliable operations of the interconnected Electric power transmission, transmission system. "Ancillary services are all services required by the transmission or distribution system operator to enable them to maintain the integrity and stability of the transmission or distribution system as well as the power quality". Ancillary services are specialty services and functions provided by actors within the electric grid that facilitate and support the continuous flow of electricity, so that the demand for electrical energy is met in real time. The term ancillary services is used to refer to a variety of operations beyond Electric power generation, generation and Electric power transmission, transmission that are required to maintain grid stability and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
