Variance-Aware Optimal Power Flow

TL;DR

This paper introduces convex variants of optimal power flow that explicitly manage power flow variance, aiming to reduce stochastic risk and high variance in operational decisions within power grids.

Contribution

It presents novel convex formulations of OPF that incorporate variance considerations directly into the optimization process.

Findings

Convex variants effectively reduce power flow variance.

Numerical experiments demonstrate improved risk management.

New methods balance cost and variance in power system operations.

Abstract

The incorporation of stochastic loads and generation into the operation of power grids gives rise to an exposure to stochastic risk. This risk has been addressed in prior work through a variety of mechanisms, such as scenario generation or chance constraints, that can be incorporated into OPF computations. Nevertheless, numerical experiments reveal that the resulting operational decisions can produce power flows with very high variance. In this paper we introduce a variety of convex variants of OPF that explicitly address the interplay of (power flow) variance with cost minimization, and present numerical experiments that highlight our contributions.