Real‐time energy management of a smart virtual power plant.

The real‐time (RT) energy management of virtual power plants (VPPs) is a complex problem due to the coordinated operation of diverse energy resources and their associated uncertainties. This article presents a comparative analysis on alternative energy management models for a VPP that includes a wind power unit, an energy storage unit, and some flexible demands, which are interconnected within a small size electric energy system. The smart grid technology enables RT operation of the VPP by taking advantage of bidirectional communication infrastructure. To accomplish this task, the RT energy management is implemented through alternative decision‐making tools, namely, (i) a robust model, (ii) a stochastic programming model, and (iii) a stochastic robust model. To handle uncertainties, these optimisation models use prediction intervals, scenarios, and a combination of both, respectively. A realistic case study provides a comparative out‐of‐sample analysis considering the impact of the different parameters used to manage risk in these three models. [ABSTRACT FROM AUTHOR]