Energy trading optimization of a virtual power plant on electricity market

Lazaroiu, George Cristian; Dumbrava, Virgil; Roscia, Mariacristina; Zaninelli, Dario

doi:10.1109/atee.2015.7133932

Cited by 12 publications

(2 citation statements)

References 10 publications

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“…Indeed, the optimal energy scheduling model for the P2P energy trading may be regarded as the optimal resource operation planning for all trading participants. Undoubtedly, technical details of controllable generating and storage facilities as well as hourly energy balancing of each trading participant should be addressed, which can be represented by the constraints of the optimization problem [16,17]:…”

Section: Mathematical Formulation Of Optimal Energy Scheduling Problem For P2p Energy Tradingmentioning

confidence: 99%

Towards the Design of P2P Energy Trading Scheme Based on Optimal Energy Scheduling for Prosumers

Chung

Hur

2020

Energies

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The peer-to-peer (P2P) energy trading is anchored in more efficient usage of electric power by allowing excess electric power from energy prosumers to be harnessed by other end-users. To boost the P2P energy trading, it is of pivotal significance to call on energy prosumers and end-users to actively participate in the trading while sharing information with a greater degree of freedom. In this perspective, this paper purports to implement the P2P energy trading scheme with an optimization model to assist in energy prosumers’ decisions by reckoning on hourly electric power available in the trading via the optimal energy scheduling of the energy trading and sharing system (ETS). On a purely practical level, it is assumed that all trading participants neither join the separate bidding processes nor are forced to comply with the predetermined optimal schedules for a trading period. Furthermore, this paper will be logically elaborated with reference to not only the determination of transaction price for maximizing the benefits of consumers under the different electricity rates but the establishment of additional settlement standards for bridging an imperative gap between optimally planned and actually transacted quantities of the P2P energy trading.

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Section: Mathematical Formulation Of Optimal Energy Scheduling Problem For P2p Energy Tradingmentioning

confidence: 99%

Towards the Design of P2P Energy Trading Scheme Based on Optimal Energy Scheduling for Prosumers

Chung

Hur

2020

Energies

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“…They also demand response programs to minimize consumption costs of the customers. Lazaroiu et al (2015) have optimized operation of a VPP owner participating in the day-ahead market and including distributed energy resources, energy storage systems, and generating units to maximize the overall profit. Rahimi et al (2021) have proposed a stochastic scheduling problem for a VPP model consisting of conventional generators, wind turbines, photovoltaic panels, photovoltaic-thermal panels, energy storage systems, boilers, and combined heat and power.…”

Section: Introductionmentioning

confidence: 99%

Bidding and Operating Planning of a Virtual Power Plant in a Day-Ahead Market

Akkaş

Çam

2020

Uluslararası Muhendislik Arastirma Ve Gelistirme Dergisi

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In this study, it is aimed to determine the optimum bidding and operating planning of a Virtual Power Plant (VPP) in the energy market to obtain maximum profit. For this purpose, the VPP containing a Wind Power Plant (WPP), a Photovoltaic Power Plant (PVPP), and an Energy Storage System (ESS) is composed on the IEEE 6-bus test system with Distributed Generators (DGs). The bidding planning and operating scheduling of the components of the VPP participating in the Day-ahead Market (DAM) are decided hourly for a day. Thus, SGS is aimed to gain maximum profit. The proposed problem has been modeled as Mixed Integer Linear Programming (MILP) in GAMS software and solved with CPLEX solver to obtain optimum results. The obtained results show that the model is applicable and the method is valid.

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A conceptual review on transformation of micro‐grid to virtual power plant: Issues, modeling, solutions, and future prospects

Panda

Mohanty

Rout

et al. 2022

Intl J of Energy Research

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Summary Enhancing the balance between demand and generation with smooth performance, the integration of renewable energy sources (RESs) plays a vital role in the smart distribution system. However, due to the inherent uncertainty and intermittent nature of RESs, many issues and challenges such as power quality, efficiency, stability, and reliability need to be taken care of for achieving an optimal operation. To resolve these associated problems, the virtual power plant (VPP) has been introduced and integrated with present smart distribution systems without sacrificing the grid stability and reliability along with offering many techno‐economic benefits. This article is a precise presentation of issues, modeling, effective management mechanism solutions, and prospects of VPP. In addition to that, the present status, guidelines, and standards prescribed for the VPP implementation are summarized. RESs have a significant effect on VPP framework coordination, and so one important aspect related to RESs scheduling in VPP is explained in this article. Bidding strategy optimization problems, the participation of the electric market, and technical innovation reforms are discussed in line with the VPP. This review gives a comprehensive outline of transforming micro‐grid to VPP and conveys much information to researchers, consumers, prosumers, and utility operators.

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Energy trading optimization of a virtual power plant on electricity market

Cited by 12 publications

References 10 publications

Towards the Design of P2P Energy Trading Scheme Based on Optimal Energy Scheduling for Prosumers

Towards the Design of P2P Energy Trading Scheme Based on Optimal Energy Scheduling for Prosumers

Bidding and Operating Planning of a Virtual Power Plant in a Day-Ahead Market

A conceptual review on transformation of micro‐grid to virtual power plant: Issues, modeling, solutions, and future prospects

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