The competition and equilibrium in power markets under decarbonization and decentralization

Chen, Qixin; Fang, Xichen; Guo, Hongye; Zheng, Kedi; Tang, Qinghu; Lv, Ruike; Pan, Kaikai; Pálenský, Peter; Kirschen, Daniel; Chen, Kang

doi:10.23919/ien.2022.0025

Cited by 8 publications

(4 citation statements)

References 167 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Profit allocation: The capacity revenue and mileage revenue of the bid-winning DERs are calculated through Eqs. ( 6) and (8). For the mismatches, the penalty of each DER is calculated based on Eq.…”

Section: Functionalities Of Blockchain Elementsmentioning

confidence: 99%

“…Thus, researchers propose to use distributed energy resources (DERs), e.g., battery energy storage system (BESS) [5] and heat, ventilation and air conditioner (HVAC) [6] , to provide operating reserve [7] . However, the operating reserve provided by a single DER, e.g., an HVAC, is small [8] and usually cannot meet the minimum entry requirement of the operating reserve markets [9] .…”

mentioning

confidence: 99%

See 1 more Smart Citation

Blockchain-assisted virtual power plant framework for providing operating reserve with various distributed energy resources

Hui

Zhang

2023

iEnergy

View full text Add to dashboard Cite

The paradigm shift from a coal-based power system to a renewable-energy-based power system brings more challenges to the supply-demand balance of the grid. Distributed energy resources (DERs), which can provide operating reserve to the grid, are regarded as a promising solution to compensate for the power fluctuation of the renewable energy resources. Small-scale DERs can be aggregated as a virtual power plant (VPP), which is eligible to bid in the operating reserve market. Since the DERs usually belong to different entities, it is important to investigate the VPP operation framework that coordinates the DERs in a trusted manner. In this paper, we propose a blockchain-assisted operating reserve framework for VPPs that aggregates various DERs. Considering the heterogeneity of various DERs, we propose a unified reserve capacity evaluation method to facilitate the aggregation of DERs. By considering the mismatch between actual available reserve capacity and the estimated value, the performance of VPP in the operating reserve market is improved. A hardware-based experimental system is developed, and numerical results are presented to demonstrate the effectiveness of the proposed framework.

show abstract

Section: Functionalities Of Blockchain Elementsmentioning

confidence: 99%

mentioning

confidence: 99%

Blockchain-assisted virtual power plant framework for providing operating reserve with various distributed energy resources

Hui

Zhang

2023

iEnergy

View full text Add to dashboard Cite

show abstract

“…The concept and business model of the sharing economy will bring new challenges and opportunities for LEMs [24]. Therefore, in this paper, we provide an overview of the potential market design for the sharing economy in LEMs and conduct a systematic review of research and practice related to local energy sharing.…”

Section: Introductionmentioning

confidence: 99%

Sharing Economy in Local Energy Markets

Wang

Zhong

et al. 2023

Journal of Modern Power Systems and Clean Energy

View full text Add to dashboard Cite

With an increase in the electrification of end-use sectors, various resources on the demand side provide great flexibility potential for system operation, which also leads to problems such as the strong randomness of power consumption behavior, the low utilization rate of flexible resources, and difficulties in cost recovery. With the core idea of "access over ownership", the concept of the sharing economy has gained substantial popularity in the local energy market in recent years. Thus, we provide an overview of the potential market design for the sharing economy in local energy markets (LEMs) and conduct a detailed review of research related to local energy sharing, enabling technologies, and potential practices. This paper can provide a useful reference and insights for the activation of demand-side flexibility potential. Hopefully, this paper can also provide novel insights into the development and further integration of the sharing economy in LEMs.

show abstract

“…The Stackelberg master-slave game in this study focuses on decision sequencing and is an important model for analyzing price-setting problems involving sequential decision-making [5,6]. Literature [7] studied the shared energy storage time-sharing electricity price strategy based on master-slave game and utilized a two-layer planning model.…”

Section: Introductionmentioning

confidence: 99%

Research on Industrial Economic Development and Electricity Price Adjustment Strategy Based on Multi-Agent Game

Cai,

Han,

Wang

2023

Glob. J. Energ. Technol. Res. Updat.

View full text Add to dashboard Cite

With the deepening of the electricity market reform and the accelerating transformation of the new power system, the number of new electricity customers in the market with local development characteristics has increased. The local industrial and economic development have been affected by the ability to guide electricity prices. In this paper, using the multi-agent game based on exploring the impact of electricity price on the industrial economy, the specific optimization scheme of electricity price adjustment is proposed with the aim of improving the overall efficiency of the power grid and reducing the cost of electricity for industrial users. After the game, the overall efficiency of the electricity supplier will be increased by about 3.06 percent, and the cost of electricity used by various special industries will be reduced by about 6.86 percent to 4.48 percent. The win-win situation of the electricity suppliers’ income and the featured industries’ development can be achieved by the optimization results. As well as the cost of electricity consumption in featured industries can be reduced, and the comprehensive benefits of electricity suppliers can be improved by using the electricity price adjustment scheme after game interaction, which promotes the rational use of energy and meets the current social requirements for the green and sustainable development of the electricity industry.

show abstract

The competition and equilibrium in power markets under decarbonization and decentralization

Cited by 8 publications

References 167 publications

Blockchain-assisted virtual power plant framework for providing operating reserve with various distributed energy resources

Blockchain-assisted virtual power plant framework for providing operating reserve with various distributed energy resources

Sharing Economy in Local Energy Markets

Research on Industrial Economic Development and Electricity Price Adjustment Strategy Based on Multi-Agent Game

Contact Info

Product

Resources

About