The design of a risk-hedging tool for virtual power plants via robust optimization approach

Shabanzadeh, Morteza; Sheikh‐El‐Eslami, Mohammad Kazem; Haghifam, Mahmoud‐Reza

doi:10.1016/j.apenergy.2015.06.059

Cited by 121 publications

(52 citation statements)

References 23 publications

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“…Virtual Power Plants are heterogeneous coalitions of distributed energy resources, generally composed of intermittent renewable sources, storage systems, flexible loads, and small conventional power plants that need to negotiate some bilateral contracts in advance prior to participating in the day-ahead market [37]. Digitalized industrial processes are often steered with Cyber Physical Energy Systems (CPES), allowing for a greater temporal flexibility of these processes [38].…”

Section: Sustainable Energymentioning

confidence: 99%

More Sustainability in Industry through Industrial Internet of Things?

2018

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Industrial production plays an important role for achieving a green economy and the sustainable development goals. Therefore, the nascent transformation of industrial production due to digitalization into a so-called Industrial Internet of Things (IIoT) is of great interest from a sustainable development point of view. This paper discusses how the environmental dimension of a sustainable development can potentially benefit from the IIoT-focusing especially on three topics: resource efficiency, sustainable energy and transparency. It presents a state of the art literature analysis of IIoT-enabled approaches addressing the three environmental topics. This analysis is compared with the findings of a survey among Chinese industrial companies, investigating the sustainability-related expectations of participants coming along with the implementation of IIoT solutions. China has been chosen as a case study because it brings together a strong industrial sector, ambitious plans regarding industrial digitalization and a high relevance and need for more sustainability. The survey was conducted with the means of a questionnaire which was distributed via email and used for direct on-site interviews. It focused on large and medium sized companies mainly from Liaoning Province and had a sample size of 109 participants.

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Section: Sustainable Energymentioning

confidence: 99%

More Sustainability in Industry through Industrial Internet of Things?

2018

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“…A robust risk-hedging tool for the virtual power player (VPP) self-scheduling is proposed in [13]. The VPP in this model is composed of different types of DG units and does the retailing business itself.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Prior to participating in the day-ahead market, the REP can make a bilateral agreement with the generation-side [13]. This forward contracting is a complement for trading with an exchange or a pool market.…”

Section: Forward Contractsmentioning

confidence: 99%

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Dynamic Pricing for Demand Response Considering Market Price Uncertainty

Ghazvini¹,

Soares²,

Morais

et al. 2017

Energies

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Abstract:Retail energy providers (REPs) can employ different strategies such as offering demand response (DR) programs, participating in bilateral contracts, and employing self-generation distributed generation (DG) units to avoid financial losses in the volatile electricity markets. In this paper, the problem of setting dynamic retail sales price by a REP is addressed with a robust optimization technique. In the proposed model, the REP offers price-based DR programs while it faces uncertainties in the wholesale market price. The main contribution of this paper is using a robust optimization approach for setting the short-term dynamic retail rates for an asset-light REP. With this approach, the REP can decide how to participate in forward contracts and call options. They can also determine the optimal operation of the self-generation DG units. Several case studies have been carried out for a REP with 10,679 residential consumers. The deterministic approach and its robust counterpart are used to solve the problem. The results show that, with a slight decrease in the expected payoff, the REP can effectively protect itself against price variations. Offering time-variable retail rates also can increase the expected profit of the REPs.

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“…Due to the global warming and environment concerns of coal-based power generations, the design and operation of the power system are being changed [1][2]. As the penetration of distributed energy resources (DERs) in the distribution network is increasingly grown up, for a smart power system DERs are need to supply power to the grid as much as they could.…”

Section: Introductionmentioning

confidence: 99%

A Bidding Model for a Virtual Power Plant via Robust Optimization Approach

Geng¹,

Li²,

Ding³

et al. 2017

MATEC Web Conf.

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Abstract. The evolution of the energy markets has been accelerating the use of distributed energy resources (DERs) all over the world. Virtual power plant (VPP) is a new method to management this increasing two-way complexity. In this paper, a bidding model for a VPP via robust optimization in the uncertain environment of the electricity market is presented. The flexible feature embedded in the model with respect to solution accuracy and computation burden would be advantageous to the VPP. Results of a case study are provided to show the applicability of the proposed bidding model.

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The design of a risk-hedging tool for virtual power plants via robust optimization approach

Cited by 121 publications

References 23 publications

More Sustainability in Industry through Industrial Internet of Things?

More Sustainability in Industry through Industrial Internet of Things?

Dynamic Pricing for Demand Response Considering Market Price Uncertainty

A Bidding Model for a Virtual Power Plant via Robust Optimization Approach

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