LAUSR

Due to increasing penetration of the renewable energy resources in modern power systems, the uncertain nature of these resources should be managed in real and near real-time scheduling. This paper investigates the benefits and applicability of look-ahead scheduling of integrated system including conventional generation units, wind power and compressed air energy storage (CAES). Different scenarios have been generated to model the uncertain parameters in the scheduling problem. To control and evaluate this stochastic process, the conditional value at risk (CVaR) framework has been implemented. Demand response programs have applied on the model to minimize the total cost and increase the flexibility requirement. This problem is formulated as mixed integer non-linear programming (MINLP) model with consideration of technical constraints of conventional generation, wind and CAES units. According to the numerical results, the operating profit could be maximized by the use of look-ahead approach and implementation of DR program.