Stochastic security-constrained operational planning in power systems

In restructured electricity power markets, reliable and economic operation of power systems are two concerned issues for the ISO (Independent System Operator). The economic operation of power markets will reduce the cost of electricity production and delivery. The reduction will lead generation plants and transmission networks to be operated closer to their limits, which could increase their vulnerability to outages and lead to lower reliability margins. On the other hand, higher reliability margin will lead to more system reserves, resulting in a high operation cost. Indeed, such conflicts between reliability and economics are inevitable in competitive environments. How to obtain a tradeoff between confliction in the restructured electricity industry is the main theme of this dissertation. To do so, a proper long-term or mid-term operation planning with the simulation of power systems' uncertainties could provide a wider range of global options for managing the reliability and economics in power systems operations.;In a competitive environment, GENCOs (Generation Companies) are self-interested entities which seek ways to improve their profitability. Considering market price fluctuations, it is essential for a GENCO to keep its financial risks at acceptable levels when constituting bidding strategies or planning scheduled maintenance outages.;This dissertation discusses uncertainties associated with electricity markets that can expose GENCOs to significant risk levels. The study provides guidelines for managing tradeoffs between profitability and risk. The dissertation discusses assumptions, functions, and methodologies that satisfy power system reliability while seeking maximum profits for self-interested GENCOs which can alleviate risks.