Grid-scale battery energy storage systems (BESSs) are promising to solve multiple problems for future power systems. Due to the limited lifespan and high cost of BESS, there is a cost-benefit trade-off between battery effort and operational performance. Thus, we develop a battery degradation model to accurately represent the battery degradation and related cost during battery operation and cycling. A linearization method is proposed to transform the developed battery degradation model into the mixed integer linear programming (MILP) optimization problems. The battery degradation model is incorporated with a hybrid deterministic/stochastic look-ahead rolling optimization model of wind-BESS bidding and operation in the real-time electricity market. Simulation results show that the developed battery degradation model is able to effectively help to extend the battery cycle life and make more profits for wind-BESS. Moreover, the proposed rolling look-ahead operational optimization strategy can utilize the updated wind power forecast, thereby also increase the wind-BESS profit.
This paper proposes a prospect theory (PT)-based bidding model of a prosumer in the power market. Unlike existing efforts of the bidding model that assume the rational behavior of the prosumers, the model incorporates irrationality and individual preferences to capture the prosumer-related subjective perceptions on the bidding results. Considering the impacts of the bidding rules of the power market, we build up the PT-based bidding models with 1-segment and multi-segment bidding rules, respectively. A case study with four different prosumers, i.e., rational, conservative, neutral, and aggressive prosumers is conducted, and the simulation results between expected value theory-based and the PT-based methods are compared. Simulation results validate the effectiveness of the proposed method.INDEX TERMS Prospect theory, optimal bidding, bidding behavior, power market, smart grid.
Wind power is inherently variable, and thus it brings significant challenges to the operation of electric power systems. Noting that there really exist many controllable and dispatchable resources in power systems, the coordination of wind power and these resources provides the possibility of overcoming the drawbacks of wind power. This paper discusses the determination of the coordination objectives of wind power and other resources. The key idea is that the coordination objectives should match with the operation requirements of real power systems. (1) For an integrated wind plant, the coordination objective is that the output of wind plant should meet the grid code requirement. In this regard, a coordinated control method of a wind-energy storage system to meet the ramp rate limit of grid code is proposed. (2) For an area with a high penetration of wind power, the coordination objective is that the output of regional hybrid system should contribute to the active power balance of the whole power system. In this regard, a coordinated dispatch method of wind-thermal-pumped hydro hybrid system (regional hybrid system) to make the combined output follow the trend of system load is established. Case studies are conducted to verify the feasibility of the proposed methods.
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