Optimal Offering Strategy of a Virtual Power Plant: A Stochastic Bi-Level Approach

Kardakos, Evaggelos G.; Simoglou, Christos K.; Bakirtzis, Anastasios G.

doi:10.1109/tsg.2015.2419714

Cited by 224 publications

(185 citation statements)

References 29 publications

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“…Then it establishes a new electricity transaction model under a unified electricity market considering both the day-ahead and real-time stochastic load demand. Different from [20], a VPP's three-stage stochastic bi-level bidding strategy depending on DERs' the power outputs, loads demands and the competitor's history price is developed in [21].…”

Section: Economic Dispatch Modelmentioning

confidence: 99%

Distributed Economic Dispatch of Virtual Power Plant under a Non-Ideal Communication Network

et al. 2017

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A virtual power plant (VPP) is aimed to integrate distributed energy resources (DERs). To solve the VPP economic dispatch (VPED) problem, the power supply-demand balance, power transmission constraints, and power output constraints of each DER must be considered. Meanwhile, the impacts of communication time delays, channel noises, and the time-varying topology on the communication networks cannot be ignored. In this paper, a VPED model is established and a distributed primal-dual sub-gradient method (DPDSM) is employed to address the presented VPED model. Compared with the traditional centralized dispatch, the distributed dispatch has the advantages of lower communication costs and stronger system robustness, etc. Simulations are realized in the modified IEEE-34 and IEEE-123 bus test VPP systems and the results indicate that the VPED strategy via DPDSM has the superiority of better convergence, more economic profits, and stronger system stability.

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Section: Economic Dispatch Modelmentioning

confidence: 99%

Distributed Economic Dispatch of Virtual Power Plant under a Non-Ideal Communication Network

et al. 2017

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“…The conversion efficiency of storage devices is 0.9. Parameters of loads and the DR program are taken from the example in [13].…”

Section: Case Study a Datamentioning

confidence: 99%

Trading strategy for decentralized energy resources in sequential electricity markets: A swiss case study

Han

Kardakos

Hug

2017

2017 IEEE Innovative Smart Grid Technologies - Asia (ISGT-Asia)

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Abstract-This paper derives optimal day-ahead trading strategies for an aggregator of a decentralized energy resources' mix, who participates in a multi-market environment, including a day-ahead, an intraday and a balancing market. The optimization problem is solved using multi-stage stochastic programming, which is subject to different levels of uncertainties such as variable generation output, day-ahead and intraday market prices. Risk management is conducted to investigate the effect of risk exposure on the total revenue of the aggregator. A case study based on the data from the Swiss electricity market demonstrates the effectiveness of the proposed model.Index Terms-Decentralized energy resources (DER), electricity markets, mathematical programs with equilibrium constraints, price maker, probabilistic constraints. I. INTRODUCTION A. Motivation and GoalThe spot electricity market is a public financial market where electricity is traded on a short-term basis. It is organized as a sequence of markets, generally including a day-ahead (DA) market, several intraday (ID) markets and a balancing market (BM). In parallel, ancillary services markets are required to guarantee the secure operation of the grid in case of serious system contingencies. The spot market is gaining more and more importance, since it ensures the short-term optimization of procurement and supports the efficient integration of non-dispatchable energy resources in power markets. In recent years, the penetration of distributed energy resources (DERs), which are mainly renewable energy resources, has increased dramatically. However, DERs' participation in the market is still challenging due to the restrictions imposed by market regulations, their intermittent and uncertain nature and the lack of communication and cooperation among different DERs and system operators. These factors thus limit DERs' contributions to system operations and can cause high imbalance costs and low overall energy efficiency.In order to fully utilize the value of flexibility potential of different DERs and enable them to engage in sequential electricity markets, coordinated dispatch and trading strategies at an aggregation level are of great interest. B. Related Works and ContributionsA lot of work has been done in the field of optimal trading in sequential short-term markets, but most of them focuses on a single producer's point of view and on designing optimal trading strategies either for large-scale wind power plants or for wind producers coordinated only with energy storage

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“…Ref. [13] studies the optimal bidding approach for a CVPP which includes DERs, battery storage units, and flexible loads. The proposed optimal bidding method is used to maximize the profit along with the expected real-time production and the consumption minimization.…”

Section: Operation Systems Of Vppmentioning

confidence: 99%

A review on the virtual power plant: Components and operation systems

Ghavidel

Aghaei

et al. 2016

2016 IEEE International Conference on Power System Technology (POWERCON)

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Abstract--Due to the high penetration of Distributed Generations (DGs) in the network and the presently involving competition in all electrical energy markets, Virtual Power Plant (VPP) as a new concept has come into view, with the intention of dealing with the increasing number of DGs in the system and handling effectively the competition in the electricity markets. This paper reviews the VPP in terms of components and operation systems. VPP fundamentally is composed of a number of DGs including conventional dispatchable power plants and intermittent generating units along with possible flexible loads and storage units. In this paper, these components are described in an all-inclusive manner, and some of the most important ones are pointed out. In addition, the most important anticipated outcomes of the two types of VPP, Commercial VPP (CVPP) and Technical VPP (TVPP), are presented in detail. Furthermore, the important literature associated with Combined Heat and Power (CHP) based VPP, VPP components and modeling, VPP with Demand Response (DR), VPP bidding strategy, and participation of VPP in electricity markets are briefly classified and discussed in this paper.

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Optimal Offering Strategy of a Virtual Power Plant: A Stochastic Bi-Level Approach

Cited by 224 publications

References 29 publications

Distributed Economic Dispatch of Virtual Power Plant under a Non-Ideal Communication Network

Distributed Economic Dispatch of Virtual Power Plant under a Non-Ideal Communication Network

Trading strategy for decentralized energy resources in sequential electricity markets: A swiss case study

A review on the virtual power plant: Components and operation systems

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