Advanced bidding strategy for participation of energy storage systems in joint energy and flexible ramping product market

Khoshjahan, Mohammad; Moeini‐Aghtaie, Moein; Fotuhi‐Firuzabad, Mahmud; Dehghanian, Payman; Mazaheri, Hesam

doi:10.1049/iet-gtd.2020.0224

Cited by 25 publications

(15 citation statements)

References 28 publications

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“…To some extent, these can provide points of reference for bidding strategy studies that focus on the adaptation to the NPS. However, most of them studied participants as price takers, and only a few publications [166] studied the market strategies of flexible resources in joint energy and flexible product markets. This work emphasized the significance of power market simulation systems for the study of power markets, and proposed parameter setting suggestions for power system simulations, power market rules simulation and market participants characteristics.…”

Section: Discussionmentioning

confidence: 99%

Key Issues and Technical Applications in the Study of Power Markets as the System Adapts to the New Power System in China

et al. 2021

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To reach the “30·60” decarbonization target (where carbon emissions start declining in 2030 and reach net zero in 2060), China is restructuring its power system to a new energy-based one. Given this new situation, this paper reviews previous studies on the power market and highlights key issues for future research as we seek to adapt to the new power system (NPS). Based on a systematic literature review, papers on the operational efficiency of the power market, participants’ bidding strategies and market supervision were identified. In a further step, papers with high relevance were analyzed in more detail. Then, key studies that focused on market trading under China’s new power system were picked out for further discussion. New studies were searched for that pertained to new energy mechanisms and bidding, the transition from coal-fired power, flexible resources and the technical applications of simulations. The quantitative analysis supports the construction of a basic paradigm for the study of power markets that is suitable for the new power system. Finally, the theoretical basis and application suggestions for power market simulations are introduced. This study summarized the existing research on the power market and further explored the key issues relating to the power market as it adapts to the NPS, hoping to inspire better research into China’s power sector, and promote safe, low-carbon, and sustainable development in China’s power industry.

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Section: Discussionmentioning

confidence: 99%

Key Issues and Technical Applications in the Study of Power Markets as the System Adapts to the New Power System in China

et al. 2021

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“…(5) The DCOPF formulation for the available transmission lines is presented in (6). Note that the DCOPF formulation for the installable transmission lines in the TEP problem formulation is non-linear (7) due to decision variables 𝜔 𝜑 1,2 l . Therefore, the Big-M method is accordingly applied to linearize this constraint [33,34].…”

Section: Optimal Power Flowmentioning

confidence: 99%

“…In order to techno‐economically cope with the intermittency in RES, transmission expansion planning (TEP) [5] paradigms have put forward new plans to simultaneously ensure power grid economics, system flexibility, and reliability requirements. In addition, new investment plans focused on various sources such as distributed energy resources, switching operations, HVDC lines, aggregated electric vehicles, demand‐side management programs, and energy storage systems (ESS) have been investigated [2,4,6–9].…”

Section: Introductionmentioning

confidence: 99%

A linearized transmission expansion planning model under N − 1 criterion for enhancing grid‐scale system flexibility via compressed air energy storage integration

Mazaheri

Moeini‐Aghtaie

Fotuhi‐Firuzabad

et al. 2021

IET Generation Trans & Dist

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The concept of flexibility is defined as the power systems' ability to effectively respond to changes in power generation and demand profiles to maintain the supply-demand balance. However, the inherent flexibility margins required for successful operation have been recently challenged by the unprecedented arrival of uncertainties, driven by constantly changing demand, failure of conventional units, and the intermittent outputs of renewable energy sources (RES). Tackling these challenges, energy storage systems (ESS) as one important player of the new power grids can enhance the system flexibility. It, therefore, calls for an efficient planning procedure to ensure flexibility margins by considering ESS's role in modern power systems. This paper proposes a novel mixed integer linear programming (MILP) model for transmission expansion planning (TEP) framework taking into account the role of compressed air energy storage (CAES) integration on improvements in system flexibility. The proposed framework is housed with a quantitative metric of gridscale system flexibility, while a new offline repetitive mechanism is suggested to account for the N − 1 reliability criterion. The model is applied to different test systems, where the numerical results demonstrate the impacts of CAES units on system flexibility, investment plans, and the total costs.This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited.

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“…In related literature, different models have been proposed for a BESS [25], [27], [28]. These models usually use binary variables to avoid the simultaneous charging and discharging of the BESS.…”

Section: ) Contract With Dr-capable Local Energy Resources (Lers)mentioning

confidence: 99%

Demand-Side Participation via Economic Bidding of Responsive Loads and Local Energy Resources

Ostadijafari

Jha

Dubey

2021

IEEE Open J. Power Energy

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The active participation of demand response (DR) resources into the wholesale market price formation and load dispatch process has the potential to stimulate demand-side flexibility. However, it is challenging for a market entity to utilize the DR resources for practical use. This is because day-ahead wholesale market-clearing prices are uncertain, and DR resources are heterogeneous. Furthermore, DR participation may lead to violations of the distribution system's operational constraints. In this article, we propose an approach for an aggregator/load-serving entity (LSE) to profitably bid aggregated DR resources into the day-ahead wholesale market. The LSE requires an optimal bidding strategy that reflects the price elasticity of the aggregated retail loads to participate in the wholesale market operations. In the proposed approach, the LSE executes load curtailment and load shifting contracts with DR resources, where DR resources are remunerated for their participation at pre-contracted incentive prices. Then, the LSE aggregates the DR flexibility and optimally bids it in the day-ahead wholesale market. The proposed approach is validated using the IEEE-123-bus test system. It is demonstrated that the LSE can successfully generate economic bids for its participation in the day-ahead market by optimal management of DR resources and without violating the network's operating constraints.

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Advanced bidding strategy for participation of energy storage systems in joint energy and flexible ramping product market

Cited by 25 publications

References 28 publications

Key Issues and Technical Applications in the Study of Power Markets as the System Adapts to the New Power System in China

Key Issues and Technical Applications in the Study of Power Markets as the System Adapts to the New Power System in China

A linearized transmission expansion planning model under N − 1 criterion for enhancing grid‐scale system flexibility via compressed air energy storage integration

Demand-Side Participation via Economic Bidding of Responsive Loads and Local Energy Resources

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