# Energy Procurement via Hybrid Robust-Stochastic Approach

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## Abstract

High computational burden is the main disadvantage of the stochastic programming. Also, obtained results are not guaranteed the global optimal solution. On the other hand, by using robust optimization method, only one uncertain parameter can be modeled. In this chapter, a novel hybrid robust-stochastic approach is introduced to benefit advantages of the robust and stochastic methods and overcome the abovementioned problems. The application of the robust-stochastic approach is investigated in the power procurement problem of a large consumer, considering uncertainty of load demand, power price, and power output of renewable energy sources as wind turbine and photovoltaic system. The uncertainty load demand and generation of renewable energy sources are modeled by a set of discrete scenarios, while the robust optimization method is used to model power price uncertainty in the pool market. Using considered case study in the previous chapter, the power procurement problem is solved under severe uncertainty, and the numerical analysis is presented.

## Keywords

Robust-stochastic approach Novel uncertainty modeling Large consumer Power procurement Uncertainty of renewable energy sources## References

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