Optimal Behavior of a Hybrid Power Producer in Day-Ahead and Intraday Markets: A Bi-Objective CVaR-Based Approach

Abstract

Coordinated operation of various energy sources has drawn the attention of many power producers worldwide. In this paper, a Concentrating Solar Power Plant (CSPP) along with a wind power station, a Compressed Air Energy Storage (CAES) unit, and a Demand Response Provider (DRP) constitute the considered Hybrid Power Producer (HPP). In this regard, this paper deals with the optimal participation of the mentioned HPP in the Day-Ahead (DA) and intraday electricity markets by benefiting from the joint configuration of all accessible resources.To attain risk-averse strategies in the suggested model, Conditional Value-at-Risk (CVaR) based on the -constraint technique is employed, while its efficiency is validated compared to the previously applied method to such problems. On the whole, the main contributions of this work lie in: 1) proposing a novel model for optimal behavior of a CSPP-based HPP in DA and intraday markets using a three-stage decision-making architecture, and 2) developing a bi-objective optimization framework to improve the functioning of the risk-constrained algorithm. Simulation results reveal that taking advantage of the CSPP in the intraday market and coordinated operation of all resources not only enhance the profitability of the system but also lessen the associated risk compared to the previous models.

Day-Ahead and Intraday Dispatch of an Integrated Biomass-Concentrated Solar System: A Multi-Objective Risk-Controlling Approach

“…conducted on a Laptop with an Intel Core i5 processor and 8GB DDR3 memory. Note that the model is mixed-integer linear programming, and the value of κ is set to 0.95 in all analyses and studies [12], [19].…”

“…In [11], market prices, solar-and demand response-involved uncertainties were handled by the IGDT technique. Khaloie et al [12] addressed the behavior problem of concentrated solar units along with wind, demand response, and compressed air energy storage resources in electricity markets using a three-stage stochastic architecture. In [13], Zhao et al presented a mixed Conditional Value-at-Risk (CVaR)-IGDT framework for day-ahead and real-time offering strategy of a concentrated solar power unit.…”

The Effect of Ratio-Based Incentive on Wind Capacity Development and Investment Risk of Wind Units: A System Dynamics Approach

“…Wind power generation depends on the wind velocity and wind velocity is influenced by seasonal variations and geographical characteristics [34]. The behavior of wind speed in most regions is usually fitted by Weibull distribution functions [35].…”

Optimal Operation Strategy of Virtual Power Plant Considering Real-Time Dispatch Uncertainty of Distributed Energy Resource Aggregation

“…Authors in [26] have proposed a coordinated offering and bidding mechanism for a hybrid power plant containing a concentrated solar power plant, a wind farm, a compressed air energy storage, and a demand response provider by establishing a bi-objective optimization model for constant value-at-risk (CVaR) based strategy as well as considering of participation in the intraday market. In [27], using CVaR approach a multi-objective optimization problem in a joint market of energy and spinning reserve has been proposed, where the demand side resources participate in reserve provision.…”