Risk-averse Offer Strategy of a Photovoltaic Solar Power Plant with Virtual Bidding in Electricity Markets

Xiao, Dongliang; Wang, Qiao; Qu, Liyan

doi:10.1109/isgt.2019.8791618

Cited by 20 publications

(9 citation statements)

References 12 publications

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“…To optimize the submitting virtual bids, a mixture density network (MDN) model was utilized to predict the price differences between the DA and RT markets. Authors in [8] employed virtual bidding to accommodate the PV solar power producers to optimize their bidding strategies in the electricity market environment, and it is declared that virtual bidding may provide additional risk for risk-taker PV producers. Although multiple works have been done on virtual bids to present the strengths and weaknesses of utilizing these transactions, very limited works has been carried out to study the bidding strategy of this newer type of market participants [9].…”

Section: B Parametersmentioning

confidence: 99%

Developing Robust Bidding Strategy for Virtual Bidders in Day-Ahead Electricity Markets

Mehdipourpicha

Wang

2021

IEEE Open J. Power Energy

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Purely financial players without any physical assets can participate in day-ahead electricity markets as virtual bidders. They can arbitrage the price difference between day-ahead (DA) and real-time (RT) markets to maximize profits. Virtual bidders encounter various monetary risks and uncertainties in their decision-making due to the high volatility of the price difference. Therefore, this paper proposes a max-min two-level optimization model to derive the optimal bidding strategy of virtual bidders. In this model, the risks of uncertainties associated with the rivals' strategies and RT market prices are managed by robust optimization. The proposed max-min two-level model is turned into a single-level mixed integer linear programming model through duality theory (DT), strong duality theory (SDT), and Karush-Kuhn-Tucker (KKT) conditions. An illustrative case is designed to demonstrate the advantages of the proposed model over the deterministic model. Moreover, case studies on the IEEE 24-bus test system validate the applicability of the proposed model.

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Section: B Parametersmentioning

confidence: 99%

Developing Robust Bidding Strategy for Virtual Bidders in Day-Ahead Electricity Markets

Mehdipourpicha

Wang

2021

IEEE Open J. Power Energy

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“…However, a CB is not a physical bid; it is purely financial. A supply (demand) 1 CB is a bid to sell (buy) energy in DAM and buy (sell) the same amount of energy in RTM without any obligation to produce (consume) energy [4], [17]- [21]. If a supply (demand) CB is cleared in DAM, then the bidder is credited (charged) at the DAM price and charged (credited) at the RTM price.…”

Section: Overview Of the Real-world California Iso Market Data A Back...mentioning

confidence: 99%

A Data-Driven Study to Discover, Characterize, and Classify Convergence Bidding Strategies in California ISO Energy Market

Samani

Mohsenian‐Rad

2021

2021 IEEE Power &Amp; Energy Society Innovative Smart Grid Technologies Conference (ISGT)

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Convergence bidding has been adopted in recent years by most Independent System Operators (ISOs) in the United States as a relatively new market mechanism to enhance market efficiency. Convergence bidding affects many aspects of the operation of the electricity markets and there is currently a gap in the literature on understanding how the market participants strategically select their convergence bids in practice.To address this open problem, in this paper, we study three years of real-world market data from the California ISO energy market. First, we provide a data-driven overview of all submitted convergence bids (CBs) and analyze the performance of each individual convergence bidder based on the number of their submitted CBs, the number of locations that they placed the CBs, the percentage of submitted supply or demand CBs, the amount of cleared CBs, and their gained profit or loss. Next, we scrutinize the bidding strategies of the 13 largest market players that account for 75% of all CBs in the California ISO market. We identify quantitative features to characterize and distinguish their different convergence bidding strategies. This analysis results in revealing three different classes of CB strategies that are used in practice. We identify the differences between these strategic bidding classes and compare their advantages and disadvantages. We also explain how some of the most active market participants are using bidding strategies that do not match any of the strategic bidding methods that currently exist in the literature.

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“…The necessity of DC distribution has emerged in accordance with the demand for renewable power generation, and the increased DC load and energy efficiency requirement. Direct current distribution technology is already applied in the various fields of photovoltaic power generation [1], wind generation [2], data centers [3,4], electric vehicles [5], etc. The introduction of low voltage DC (LVDC) distribution is also considered in the fields of DC buildings and DC housing [5] and microgrids [6].…”

Section: Introductionmentioning

confidence: 99%

Aging Characteristics of Contact Electrodes of Low Voltage DC Switches

Kim

2021

Energies

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With the present state of the direct current (DC) distribution market, securing the safety of the DC distribution system is emerging as a major issue. Like AC distribution systems, DC switches and circuit breakers are one of the main means to ensure safety. However, in the DC system, since there is no current zero point in the load current, the phenomenon occurring when the circuit is cut off is different from that of the AC system, so technical research is required to cope with this. In this study, the aging characteristics of the contact electrode of a 400 V class low voltage DC (LVDC) switch is studied for the development of wall-mount switches or circuit breakers for residential houses. As an arc extinguishing method to break DC load current, a prototype experimental circuit breaker that uses a magnetic extinguishing method that is effective for blocking low voltage low power DC is invented, and an automated experiment system is established. The DC switch test repeats the operation of turning it on and off 13,000 times, and continuously evaluates the performance of the electric contacts by calculating the voltage drop between the electrode contacts and the corresponding Ohmic resistance value when conducting every 500 times. This paper tests six contact materials to compare the aging characteristics of them by evaluating contact resistance during the test period. AW18-Cu composite material showed the most stable and excellent contact performance for LVDC switches during the entire test operation period.

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Risk-averse Offer Strategy of a Photovoltaic Solar Power Plant with Virtual Bidding in Electricity Markets

Cited by 20 publications

References 12 publications

Developing Robust Bidding Strategy for Virtual Bidders in Day-Ahead Electricity Markets

Developing Robust Bidding Strategy for Virtual Bidders in Day-Ahead Electricity Markets

A Data-Driven Study to Discover, Characterize, and Classify Convergence Bidding Strategies in California ISO Energy Market

Aging Characteristics of Contact Electrodes of Low Voltage DC Switches

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