Strategic Bidding for a Virtual Power Plant in the Day-Ahead and Real-Time Markets: A Price-Taker Robust Optimization Approach

Rahimiyan, Morteza; Baringo, Luis

doi:10.1109/tpwrs.2015.2483781

Cited by 285 publications

(150 citation statements)

References 19 publications

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“…The stochastic model captures several sources of uncertainty, and the novelty lies in the exploitation of thermal characteristics of the buildings to mitigate renewable imbalances. Also, works [51][52][53] propose to tackle the optimal bidding in the market of the aggregator using multistage stochastic [51,53] and robust approaches [52]. The work in [54] introduces the reliability of the fuel cell outages in the microgrid energy scheduling, but the uncertainty considered in the model lies only in the fuel cell outages.…”

Section: Complexitymentioning

confidence: 99%

Survey on Complex Optimization and Simulation for the New Power Systems Paradigm

et al. 2018

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This survey provides a comprehensive analysis on recent research related to optimization and simulation in the new paradigm of power systems, which embraces the so-called smart grid. We start by providing an overview of the recent research related to smart grid optimization. From the variety of challenges that arise in a smart grid context, we analyze with a significance importance the energy resource management problem since it is seen as one of the most complex and challenging in recent research. The survey also provides a discussion on the application of computational intelligence, with a strong emphasis on evolutionary computation techniques, to solve complex problems where traditional approaches usually fail. The last part of this survey is devoted to research on large-scale simulation towards applications in electricity markets and smart grids. The survey concludes that the study of the integration of distributed renewable generation, demand response, electric vehicles, or even aggregators in the electricity market is still very poor. Besides, adequate models and tools to address uncertainty in energy scheduling solutions are crucial to deal with new resources such as electric vehicles or renewable generation. Computational intelligence can provide a significant advantage over traditional tools to address these complex problems. In addition, supercomputers or parallelism opens a window to refine the application of these new techniques. However, such technologies and approaches still need to mature to be the preferred choice in the power systems field. In summary, this survey provides a full perspective on the evolution and complexity of power systems as well as advanced computational tools, such as computational intelligence and simulation, while motivating new research avenues to cover gaps that need to be addressed in the coming years.

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Section: Complexitymentioning

confidence: 99%

Survey on Complex Optimization and Simulation for the New Power Systems Paradigm

et al. 2018

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“…Depending on the power outputs of various DERs, an optimal allocation model of the energy storage system whose objective function includes economy, grid supply, and voltage is constructed in [19]. A VPP's bidding strategy on the basis of electricity price is developed in [20], which breaks through the routine that the day-ahead transacted electricity quantity is equal to the forecasting load demand. Then it establishes a new electricity transaction model under a unified electricity market considering both the day-ahead and real-time stochastic load demand.…”

Section: Economic Dispatch Modelmentioning

confidence: 99%

“…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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“…In [25], a simulator for hour-ahead and real-time scheduling of DERs is proposed, considering the minimization of operation costs. Furthermore, real-time adjustments of DERs taking into account the operation costs [26,27], DERs profit [28], ancillary services [19,[29][30][31] and control strategies [24] are crucial to maintain the system balance. Integrated tools for simulation of DERs energy scheduling under day, hour-ahead and real-time has been developed, minimizing the operation costs [32].…”

Section: Literature Review and Specific Contributionsmentioning

confidence: 99%

Energy and Reserve under Distributed Energy Resources Management—Day-Ahead, Hour-Ahead and Real-Time

et al. 2017

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Abstract:The increasing penetration of distributed energy resources based on renewable energy sources in distribution systems leads to a more complex management of power systems. Consequently, ancillary services become even more important to maintain the system security and reliability. This paper proposes and evaluates a generic model for day-ahead, intraday (hour-ahead) and real-time scheduling, considering the joint optimization of energy and reserve in the scope of the virtual power player concept. The model aims to minimize the operation costs in the point of view of one aggregator agent taking into account the balance of the distribution system. For each scheduling stage, previous scheduling results and updated forecasts are considered. An illustrative test case of a distribution network with 33 buses, considering a large penetration of distribution energy resources allows demonstrating the benefits of the proposed model.

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Strategic Bidding for a Virtual Power Plant in the Day-Ahead and Real-Time Markets: A Price-Taker Robust Optimization Approach

Cited by 285 publications

References 19 publications

Survey on Complex Optimization and Simulation for the New Power Systems Paradigm

Survey on Complex Optimization and Simulation for the New Power Systems Paradigm

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

Energy and Reserve under Distributed Energy Resources Management—Day-Ahead, Hour-Ahead and Real-Time

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