Application of Stochastic Optimization Techniques in the Smart Grid
The term smart grid refers to modernization of the power network so that it monitors, optimizes and can take preventive action in the operation of its interconnected elements – from the central generation through the high-voltage transmission network and the distribution system, to the industrial and domestic user. Ongoing development of smart metering has made demand response an indispensable part of real-time operation and control of modern grids. The optimization not only looks for a generation schedule, but also demands consumer welfare in terms of distributed load curtailment, less penalty and formidable load schedule. The insight of this chapter develops a curtailment ...
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