A Review on Uncertainty Modelling Approaches for Stochastic Optimization in Power System

The uncertainty modelling is the challenging task in the power system. Utilization of distributed energy resources (DER) introduces the complexity and uncertainties in electrical power systems. The utility grid pricing, power demand, renewable generation are the key uncertain parameters for solving the stochastic optimization in power system. To handle the uncertainties, this paper presents the various uncertainty modelling approaches for stochastic optimization of power system problems i.e. optimal scheduling of distributed energy resources (DER) and battery storage system in the transmission and distribution network. Generally, the uncertainty can be handled through probabilistic and possibilistic approaches. A comprehensive review of all uncertainty handling approaches in terms of simplicity, accuracy, and efficacy, as well as their strengths and weaknesses in addressing power system issues. In addition, we examine several major applications of optimization under uncertainty in power systems and discuss future research possibilities. This paper suggest that which uncertainty modelling techniques is suitable for dealing with different stochastic optimization problems accurately and efficiently.