Optimal Bidding Strategy and Intramarket Mechanism of Microgrid Aggregator in Real-Time Balancing Market

Pei, Wei; Du, Yan; Deng, Wei; Sheng, Kun; Xiao, Hao; Qu, Hui

doi:10.1109/tii.2016.2522641

Cited by 122 publications

(71 citation statements)

References 25 publications

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“…In this context, there is a trend to develop the concept of RT balancing market. 63,75 In Tushar et al, 53 decentralized demand-side management is proposed to compensate day-ahead energy generation of a microgrid in the presence of RES and storage systems. To achieve this, a game is formulated with a mixed strategy.…”

Section: Presents a Dynamic Programing Optimization Methods For The Rtmentioning

confidence: 99%

A review on real‐time simulation and analysis methods of microgrids

Ahmadiahangar

Rosin

Niaki

et al. 2019

Int Trans Electr Energ Syst

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Summary Microgrid is a recently developed concept for future power systems. The main characteristics of the microgrid are the capability of integration of renewable energy sources and the ability to operate in two grid‐connected and islanded modes. A significant challenge of microgrid implementation is developing comprehensive control methods to ensure efficient, stable, and reliable operation. Real‐time studies are a promising approach in this case. In this paper, various real‐time energy management approaches have been thoroughly explained following a new categorization of them. A significant literature review of real‐time simulation and modeling methods has also been presented. A review of different applications of hardware‐in‐the‐loop testing of the microgrid is included in the present study. Finally, a discussion on demand for further research has been made. The presented work is organized to allow a reader to understand the importance of real‐time studies of microgrids and highlight trends in literary works without delving deeply into each one.

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Section: Presents a Dynamic Programing Optimization Methods For The Rtmentioning

confidence: 99%

A review on real‐time simulation and analysis methods of microgrids

Ahmadiahangar

Rosin

Niaki

et al. 2019

Int Trans Electr Energ Syst

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“…After this market is cleared, the already committed power production or consumption in the day-ahead market is used to formulate optimal bids for each intra-day market auction throughout the day. Additionally, the standalone participation of different units in sequen-tial electricity markets (especially day-ahead and balancing markets) has been widely discussed in literature (see for instance these sequence bidding strategies for thermal generators [25], microgrids [22], wind farms [13], hydropower [30] or CHP units [14]).…”

Section: Related Workmentioning

confidence: 99%

Operational Planning and Bidding for District Heating Systems with Uncertain Renewable Energy Production

Blanco

Guericke

Andersen³

et al. 2018

Energies

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In countries with an extended use of district heating (DH), the integrated operation of DH and power systems can increase the flexibility of the power system achieving a higher integration of renewable energy sources (RES). DH operators can not only provide flexibility to the power system by acting on the electricity market, but also profit from the situation to lower the overall system cost. However, the operational planning and bidding includes several uncertain components at the time of planning: electricity prices as well as heat and power production from RES. In this publication, we propose a planning method that supports DH operators by scheduling the production and creating bids for the day-ahead and balancing electricity markets. The method is based on stochastic programming and extends bidding strategies for virtual power plants to the DH application. The uncertain factors are considered explicitly through scenario generation. We apply our solution approach to a real case study in Denmark and perform an extensive analysis of the production and trading behaviour of the DH system. The analysis provides insights on how DH system can provide regulating power as well as the impact of uncertainties and renewable sources on the planning. Furthermore, the case study shows the benefit in terms of cost reductions from considering a portfolio of units and both markets to adapt to RES production and market states.

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“…The paper did not consider the uncertainty involved with the power generated by the RES and response of the customers during a DR event. Reference [7] proposed a two-stage micro RESA model while the uncertainty of RES is determined using a mean-variance model in the upper-level real-time market and the event-driven mechanism is used for a lower intra-market level. Reference [8] proposed optimal points of residential microgrid for maximizing the RESAs profit using design space exploration methodology.…”

Section: Introductionmentioning

confidence: 99%

“…The robustness of the day-ahead bidding strategy for flexible demandside resources is evaluated using multiple stochastic scenarios [9]. References [6][7][8][9] considered the uncertainty but did not consider the financial risk that RESA faces during bidding in a day-ahead scenario.…”

Section: Introductionmentioning

confidence: 99%

Risk assessment of microgrid aggregators considering demand response and uncertain renewable energy sources

Ghose

Pandey

Gadham

2019

J. Mod. Power Syst. Clean Energy

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In power market environment, the growing importance of demand response (DR) and renewable energy source (RES) attracts more for-profit DR and RES aggregators to compete with each other to maximize their profit. Meanwhile, the intermittent natures of these alternative sources along with the competition add to the probable financial risk of the aggregators. The objective of the paper is to highlight this financial risk of aggregators in such uncertain environment while estimating DR magnitude and power generated by RES. This work develops DR modeling incorporating the effect of estimating power at different confidence levels and uncertain participation of customers. In this paper, two well-known risk assessment techniques, value at risk and conditional value at risk, are applied to predict the power from RES and DR programs at a particular level of risk in different scenarios generated by Monte Carlo method. To establish the linkage between financial risk taking ability of individuals, the aggregators are classified into risk neutral aggregator, risk averse aggregator and risk taking aggregator. The paper uses data from Indian Energy Exchange to produce realistic results and refers certain policies of Indian Energy Exchange to frame mathematical expressions for benefit function considering uncertainties for each type of three aggregators. Extensive results show the importance of assessing the risks involved with two unpredictable variables and possible impacts on technical and financial attributes of the microgrid energy market.

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Optimal Bidding Strategy and Intramarket Mechanism of Microgrid Aggregator in Real-Time Balancing Market

Cited by 122 publications

References 25 publications

A review on real‐time simulation and analysis methods of microgrids

A review on real‐time simulation and analysis methods of microgrids

Operational Planning and Bidding for District Heating Systems with Uncertain Renewable Energy Production

Risk assessment of microgrid aggregators considering demand response and uncertain renewable energy sources

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