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Virtual Power Plant
A virtual power plant (VPP) is a cloud-based distributed power plant that aggregates the capacities of heterogeneous distributed energy resources (DER) for the purposes of enhancing power generation, trading or selling power on the electricity market, and demand side options for load reduction. DER assets in a VPP can include photovoltaic solar, energy storage, electric vehicle chargers, and demand-responsive devices (such as water heaters, thermostats, and appliances) with examples of virtual power plants existing in the United States, Europe, and Australia. Power generation A virtual power plant is a system that integrates several types of power sources to give a reliable overall power supply. The sources often form a cluster of different types of dispatchable and non-dispatchable, controllable or flexible load (CL or FL) distributed generation (DG) systems that are controlled by a central authority and can include microCHPs, natural gas-fired reciprocating engines, small-scale ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Distributed Energy Resources
Distributed generation, also distributed energy, on-site generation (OSG), or district/decentralized energy, is electrical generation and storage performed by a variety of small, grid-connected or distribution system-connected devices referred to as distributed energy resources (DER). Conventional power stations, such as coal-fired, gas, and nuclear powered plants, as well as hydroelectric dams and large-scale solar power stations, are centralized and often require electric energy to be transmitted over long distances. By contrast, DER systems are decentralized, modular, and more flexible technologies that are located close to the load they serve, albeit having capacities of only 10 megawatts (MW) or less. These systems can comprise multiple generation and storage components; in this instance, they are referred to as hybrid power systems. DER systems typically use renewable energy sources, including small hydro, biomass, biogas, solar power, wind power, and geothermal power ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Distributed Generation
Distributed generation, also distributed energy, on-site generation (OSG), or district/decentralized energy, is electrical generation and storage performed by a variety of small, grid-connected or distribution system-connected devices referred to as distributed energy resources (DER). Conventional power stations, such as coal-fired, gas, and nuclear powered plants, as well as hydroelectric dams and large-scale solar power stations, are centralized and often require electric energy to be transmitted over long distances. By contrast, DER systems are decentralized, modular, and more flexible technologies that are located close to the load they serve, albeit having capacities of only 10 megawatts (MW) or less. These systems can comprise multiple generation and storage components; in this instance, they are referred to as hybrid power systems. DER systems typically use renewable energy sources, including small hydro, biomass, biogas, solar power, wind power, and geothermal power, an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cloud Computing
Cloud computing is the on-demand availability of computer system resources, especially data storage ( cloud storage) and computing power, without direct active management by the user. Large clouds often have functions distributed over multiple locations, each of which is a data center. Cloud computing relies on sharing of resources to achieve coherence and typically uses a "pay as you go" model, which can help in reducing capital expenses but may also lead to unexpected operating expenses for users. Value proposition Advocates of public and hybrid clouds claim that cloud computing allows companies to avoid or minimize up-front IT infrastructure costs. Proponents also claim that cloud computing allows enterprises to get their applications up and running faster, with improved manageability and less maintenance, and that it enables IT teams to more rapidly adjust resources to meet fluctuating and unpredictable demand, providing burst computing capability: high computing p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commodity Market
A commodity market is a market that trades in the primary economic sector rather than manufactured products, such as cocoa, fruit and sugar. Hard commodities are mined, such as gold and oil. Futures contracts are the oldest way of investing in commodities. Commodity markets can include physical trading and derivatives trading using spot prices, forwards, futures, and options on futures. Farmers have used a simple form of derivative trading in the commodity market for centuries for price risk management. A financial derivative is a financial instrument whose value is derived from a commodity termed an underlier. Derivatives are either exchange-traded or over-the-counter (OTC). An increasing number of derivatives are traded via clearing houses some with central counterparty clearing, which provide clearing and settlement services on a futures exchange, as well as off-exchange in the OTC market. Derivatives such as futures contracts, Swaps (1970s-), Exchange-traded C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stochastic Dominance
Stochastic dominance is a 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 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. Throughout the article, \rho, \nu stand for probabil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value At Risk
Value at risk (VaR) is a measure of the risk of loss for investments. 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 95% VaR of $1 million, that means that there is a 0.05 probability that the portfolio will fall in value by more than $1 million 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% proba ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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. 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, portfolio management logistics, manufacturing engineering, chemical engineering, medicine, and computer science. In engineering problems, these formulations often take the name of "Robust Design Optimization", ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 has been developed bYakov 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. Summary Info-gap is a theory: it assists in decisions under uncertainty. It does this by using model ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Electricity Market
In a broad sense, an electricity market is a system that facilitates the exchange of electricity-related goods and services. During more than a century of evolution of the electric power industry, the economics of the electricity markets had undergone enormous changes for reasons ranging from the technological advances on supply and demand sides to politics and ideology. A restructuring of electric power industry at the turn of the 21st century involved replacing the vertically integrated and tightly regulated "traditional" electricity market with multiple competitive markets for electricity generation, transmission, distribution, and retailing. The traditional and competitive market approaches loosely correspond to two visions of industry: the deregulation was transforming electricity from a public service (like sewerage) into a tradable good (like crude oil). As of 2020s, the traditional markets are still common in some regions, including large parts of the United Stat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Coalition
A coalition is a group formed when two or more people or groups temporarily work together to achieve a common goal. The term is most frequently used to denote a formation of power in political or economical spaces. Formation According to ''A Guide for Political Parties'' published by National Democratic Institute and The Oslo Center for Peace and Human Rights, there are five steps of coalition-building: # Developing a party strategy: The first step in coalition-building involves developing a party strategy that will prepare for successful negotiation. The more effort parties place on this step, the more likely they are to identify strategic partners, negotiate a good deal and avoid some of the common mistakes associated with coalition-building. # Negotiating a coalition: Based on the strategy that each party has prepared, in step 2 the parties come together to negotiate and hopefully reach agreement on the terms for the coalition. Depending on the context and objectives of the co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internet Of Things
The Internet of things (IoT) describes physical objects (or groups of such objects) with sensors, processing ability, software and other technologies that connect and exchange data with other devices and systems over the Internet or other communications networks. Internet of things has been considered a misnomer because devices do not need to be connected to the public internet, they only need to be connected to a network and be individually addressable. The field has evolved due to the convergence of multiple technologies, including ubiquitous computing, commodity sensors, increasingly powerful embedded systems, as well as machine learning.Hu, J.; Niu, H.; Carrasco, J.; Lennox, B.; Arvin, F.,Fault-tolerant cooperative navigation of networked UAV swarms for forest fire monitoring Aerospace Science and Technology, 2022. Traditional fields of embedded systems, wireless sensor networks, control systems, automation (including Home automation, home and building automation), indepen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Duck Curve
The duck curve is a graph of power production over the course of a day that shows the timing imbalance between peak demand and renewable energy production. Used in utility-scale electricity generation, the term was coined in 2012 by the California Independent System Operator. Solar power In some energy markets, daily peak demand occurs after sunset, when solar power is no longer available. In locations where a substantial amount of solar electric capacity has been installed, the amount of power that must be generated from sources other than solar or wind displays a rapid increase around sunset and peaks in the mid-evening hours, producing a graph that resembles the silhouette of a duck.Paul Denholm, Matthew O'Connell, Gregory Brinkman, and Jennie Jorgenson.Overgeneration from Solar Energy in California: A Field Guide to the Duck Chart NREL/TP-6A20-65023. ''National Renewable Energy Laboratory'', November 2015 In Hawaii, significant adoption of solar generation has led to th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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