Design of Reliability Insurance Scheme Based on Utility Function for Improvement of Distribution Grid Reliability

[1]    E. Fumagalli, L. Schiavo, and F. Delestre, “Service quality regulation in electricity distribution and retail: with 25 figures and 28 tables”, Berlin: Springer, pp. 60-73, 2007.

[2]    CEER , “ 5th CEER benchmarking report on the quality of electricity supply’’, Council of European Energy Regulators, Tech. Rep, Brussels, Belgium, 2011.

[3]    K. Alvehag and K. Awodele, “Impact of reward and penalty scheme on the incentives for distribution system reliability.” IEEE Trans. Power Syst., vol. 29, no. 1, pp. 386–394, 2014.

[4]    K. Alvehag and L. Söder, “Risk-based method for distribution system reliability investment decisions under performance-based regulation.” IET Gener. Transm. Distrib., vol. 5, no. 10, pp. 1062, 2011.

[5]    H. Shourkaei et al, “Incorporating service quality regulation in distribution system maintenance strategy.” IEEE Trans. Power Delivery, vol. 26, no. 4, pp. 2495-2504, 2011.

[6]    K. Alvehag and L. Söder, "Quality regulation impact on investment decisions in distribution system reliability," 2012 9th Int. Conf. Eur. Energy Market, Florence, pp. 1-8, 2012.

[7]    H. Shourkaei and M. Fotuhi, “Impact of penalty–reward mechanism on the performance of electric distribution systems and regulator budget,” IET Gener. Transm. Distrib., vol. 4, no. 7, pp. 770, 2010.

[8]    S. Abedi and M. R. Haghifam, “Second revenue stream for distributed generation in the presence of reliability insurance,” Int. J. Electr, Power Energy Syst., vol. 59, pp. 29-35, 2014.

[9]    P. Salyani and J. Salehi, "A customer oriented approach for distribution system reliability improvement using optimal distributed generation and switch placement." J. Oper. Autom. Power Eng., vol.7, no.2, pp. 246-260, 2019.

[10]    B. Wang et al., “New reward and penalty scheme for electric distribution utilities employing load-based reliability indices,” IET Gener. Transm. Distrib., vol. 12, no. 15, pp. 3647-3654, 2018.

[11]    J. Gholinezhad, R. Noroozian and A. Bagheri, “Optimal capacitor allocation in radial distribution networks for annual costs minimization using hybrid PSO and sequential power loss index based method”, J. Oper. Autom. Power Eng., vol. 5, no. 2, pp. 117-130, 2017.

[12]    M. Ghasemi and R. Dashti, “A risk-based model for performance-based regulation of electric distribution companies,” Util. Policy, vol. 45, pp. 36-44, 2017.

[13]    S. Pineda, A. Conejo, and M. Carrión, “Insuring unit failures in electricity markets,” Energy Econ., vol. 32, no. 6, pp. 1268-1276, 2010.

[14]    Y. Liu, F. Wu, Y. Ni and B. Cai, “Managing and operating the reserve market as one insurance system,” Electr. Power Syst. Res., vol. 77, pp. 1363-1372, 2007.

[15]    A. Nitanan and K. Audomvongseree, "Electricity insurance pricing for the bilateral contract market", in  The 8th Electr. Eng. Electron. Computer, Telecommun. Inf. Technol. Assoc. Thailand – Conf. 2011, Thialand, pp. 812-815, 2011.

[16]    H. Yang et al., “Insurance strategy for mitigating power system operational risk introduced by wind power forecasting uncertainty,” Renewable Energy, vol. 89, pp. 606-615, 2016.

[17]    E. Fumagalli, J. Black, I. Vogelsang and M. Ilic, “Quality of service provision in electric power distribution systems through reliability insurance,” IEEE Trans. Power Syst., vol. 19, pp. 1286-1293, 2004.

[18]    S. Abedi and M. Haghifam, “CDF-based reliability insurance contracts considering free-riding,” Int. J. Electr. Power Energy Syst., vol. 53, pp. 949-955, 2013.

[19]    R. Fuentes, J. Blazquez and I. Adjali, “From vertical to horizontal unbundling: A downstream electricity reliability insurance business model,” Energy Policy, vol. 129, pp. 796-804, 2019.

[20]    F. Billimoria and R. Poudineh, “Market design for resource adequacy: A reliability insurance overlay on energy-only electricity markets,” Util. Policy, vol. 60, pp. 100935, 2019.

[21]    J. Dubé, Microeconometric Models of Consumer Demand. Cambridge, MA: National Bureau of Economic Research, 2018.

[22]    K. Steriotis et al, “A novel behavioral real time pricing scheme for the active energy consumers’ participation in emerging flexibility markets,” Sustainable Energy, Grids and Networks, vol. 16, pp. 14-27, 2018.

[23]    P. Samadi et al., “Optimal real-time pricing algorithm based on utility maximization for smart grid,” 2010 First IEEE Int. Conf. Smart Grid Commun., 2010.

[24]    K. Ma, G. Hu and C. Spanos, “Dynamics of electricity markets with unknown utility functions: An extremum seeking control approach,” 11th IEEE Int. Conf. Control Autom., 2014.

[25]    N. Cicek and H. Delic, “Demand response management for smart grids with wind power,” IEEE Trans. Sustain. Energy, vol. 6, no. 2, pp. 625-634, 2015.

[26]    A. Niromandfam et al. “Modeling Demand Response Based on Utility Function Considering Wind Profit Maximization in the Day-Ahead Market.” J. Cleaner Prod., vol. 251, p. 119317, 2020.

[27]    P. Samadi, H. Mohsenian, R. Schober and V. Wong, “Advanced demand side management for the future smart grid using mechanism design,” IEEE Trans. Smart Grid, vol. 3, no. 3, pp. 1170-1180, 2012.

[28]    R. Kaas, “Modern actuarial risk theory”, Berlin: Springer-Verlag, pp. 4-6, 2008.

[29]    O. Stenman, “Risk aversion and expected utility of consumption over time,” Games Econ. Behavior, vol. 68, no. 1, pp. 208-219, 2010.

[30]    P. Lam, “The consumption function under exponential utility,” Econ. Letters, vol. 25, pp. 207-211, 1987.

[31]    M. Imani, M. Ghadi, S. Ghavidel and L. Li, “Demand response modeling in microgrid operation: a review and application for incentive-based and time-based programs,” Renewable Sustainable Energy Rev., vol. 94, pp. 486-499, 2018.

[32]    H. Gerber and G. Pafum, “Utility Functions,” North American Actuarial J., vol. 2, no. 3, pp. 74-91, 1998.

[33]    M. Allahnoori, Sh. Kazemi, H. Abdi, and R. Keyhani, “Reliability assessment of distribution systems in presence of microgrids considering uncertainty in generation and load demand”, J. Oper. Autom. Power Eng., vol. 2, no. 2, pp. 113-120, 2014.

[34]    S. Fan and R. Hyndman, “The price elasticity of electricity demand in South Australia,” Energy Policy, vol. 39, no. 6, pp. 3709-3719, 2011.

[35]    M. Fell, “Energy services: A conceptual review,” Energy Res. Social Sci., vol. 27, pp. 129-140, 2017.