Electricity market policies for penalizing volatility and scheduling strategies: The value of aggregation, flexibility, and correlation

Τσαούσογλου, Γεώργιος; Makris, Prodromos; Varvarigos, Emmanouel

doi:10.1016/j.segan.2017.09.004

Cited by 17 publications

(16 citation statements)

References 31 publications

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“…In the present situation, the electricity grid is distributed and better communicated, and the flow takes place in two directions -between intelligent generators and smart consumers. 17…”

Section: Social Environmentmentioning

confidence: 99%

Adaptation strategy on regulated markets of power companies in Poland

Borowski

2018

Energy & Environment

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Electric utilities (power companies), which include production, transmission, distribution, and trade of electricity play an important role in a national economy. Many scientific institutions undertook the research concerning the issues of the power sector. The main reason was to find an answer to the question: Which of the developed strategies that ensure energy security of the country concerning with energy distribution and resources management should be taken into consideration? Should the companies adopt the strategy of adaptation or perhaps the strategy of breakthrough? If they follow the adaptation course, should it be a passive or active adaptation, and which circumstances are the most important? These questions were constantly analyzed by the author in his research realized among the power companies.

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“…In the present situation, the electricity grid is distributed and better communicated, and the flow takes place in two directions -between intelligent generators and smart consumers. 17…”

Section: Social Environmentmentioning

confidence: 99%

Adaptation strategy on regulated markets of power companies in Poland

Borowski

2018

Energy & Environment

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“…Intermediaries or "aggregators", as reported in literature, are defined as all those subjects facilitating the DR operation among consumers. Moreover, they have to provide a higher flexibility and, by that flexibility, they are able to optimize their activities [25,[33][34][35][36][37], in accordance with the logical pathway of Figure1. Thus, the aggregator is a service provider combining, on request, a plurality of energy consumption units, or rather consumption and production units, to sell or to auction off them in the energy markets.…”

Section: Methodsmentioning

confidence: 93%

Analysis on the potential of an energy aggregator for domestic users in the Italian electricity system

Santoli

Mancini

Basso

2019

Second International Conference on Material Science, Smart Structures and Applications: Icmss-2019

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This study is focused on the definition of an energy aggregator model for domestic users, offering the Demand Response (DR) optimization and additional services. The research project is based on the Italian electricity system analysis pointing out the renewables high contribution, the poor domestic users' electrification and the need to figure out those issues by a demand flexibility system implementation. Moreover, the characterization of Italian domestic users' energy loads allowed to identify the suitable strategies to get higher flexibility degree. Thus, three case studies have been considered to assess the achievable economic savings due to the DR implementation, accounting for the revenue for dispatching services as well as the intraday energy price variations on the Italian market. It emerged that the demand side flexibility implementation offers benefits to the Italian electricity system but entails small economic benefits for the endusers. Additionally, the adoption of such a system is quite complicated due to the lack of suitable and reliable automation devices. For that reason, a potential energy aggregator for domestic users will have to search funds for its own operation providing customers with additional services, such as energy saving and assisted-living, by using of ICT along with automation within each dwelling.

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“…The results are empirical, based on a real aggregator's business, showcasing the three different revenue streams, and no optimization problem is studied. Moreover, our previous work in [15] studies the ESP's participation in both day-ahead and balancing markets and tries to optimally adapt the ESP's strategy towards maximizing its profits (or else maximizing the value of flexibility and the value of aggregation). However, in the present work, we formulate the problem in a completely different way and we also take into consideration the W in the optimization problem.…”

Section: Related Workmentioning

confidence: 99%

“…The gradients of the two aforementioned functions are given in (14) and (15). These are calculated numerically using the Gradient function of the numdifftools package [33], using a step of 0.001.…”

Section: Optimal Frtpmentioning

confidence: 99%

A pricing scheme for electric utility's participation in day-ahead and real-time flexibility energy markets

Mamounakis

Efthymiopoulos

Vergados

et al. 2019

J. Mod. Power Syst. Clean Energy

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Liberalized electricity markets, smart grids and high penetration of renewable energy sources (RESs) led to the development of novel markets, whose objective is the harmonization between production and demand, usually noted as real time of flexibility markets. This necessitates the development of novel pricing schemes able to allow energy service providers (ESPs) to maximize their aggregated profits from the traditional markets (trading between wholesale/day-ahead and retail markets) and the innovative flexibility markets. In the same time, ESPs have to offer their end users (consumers) competitive (low cost) energy services. In this context, novel pricing schemes must act, among others, as automated demand side management (DSM) techniques that are able to trigger the desired behavioral changes according to the flexibility market prices in energy consumption curves (ECCs) of the consumers. Energy pricing schemes proposed so far, e.g. realtime pricing, interact in an efficient way with wholesale market. But they do not provide strong enough financial incentives to consumers to modify their energy consumption habits towards energy cost curtailment. Thus, they do not interact efficiently with flexibility markets. Therefore, we develop a flexibility real-time pricing (FRTP) scheme, which offers a dynamically adjustable level of financial incentives to participating users by fairly rewarding the ones that make desirable behavioral changes in their ECCs. Performance evaluation results demonstrate that the proposed FRTP is able to offer a 15%-30% more attractive trade-off between the stacked profits of ESPs, i.e. the sum of the profits from retail and flexibility markets, and the satisfaction of the consumers.

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Electricity market policies for penalizing volatility and scheduling strategies: The value of aggregation, flexibility, and correlation

Cited by 17 publications

References 31 publications

Adaptation strategy on regulated markets of power companies in Poland

Adaptation strategy on regulated markets of power companies in Poland

Analysis on the potential of an energy aggregator for domestic users in the Italian electricity system

A pricing scheme for electric utility's participation in day-ahead and real-time flexibility energy markets

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