Optimal Bidding of Flexible Demand in Electricity Markets With Block Orders

Karasavvidis, Makedon; Papadaskalopoulos, Dimitrios; Strbac, Goran

doi:10.1109/tempr.2024.3414988

IEEE Trans. on Enrgy Mrkts, Pol and Reg

2024

DOI: 10.1109/tempr.2024.3414988

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Optimal Bidding of Flexible Demand in Electricity Markets With Block Orders

Makedon Karasavvidis,

Dimitrios Papadaskalopoulos,

Goran Strbac

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Cited by 2 publications

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A generic stochastic network-based formulation for production optimization of district heating systems

Guericke,

Schledorn,

Madsen

2024

Energy Syst

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District heating (DH) systems are an important component in the EU strategy to reach the emission goals, since they allow an efficient supply of heat while using the advantages of sector coupling between different energy carriers such as power, heat, gas and biomass. Most DH systems use several different types of units to produce heat for hundreds or thousands of households (e.g. natural gas-fired boilers, electric boilers, biomass-fired units, waste heat from industry, solar thermal units). Furthermore, combined heat and power units units are often included to use the synergy effects of excess heat from electricity production. To address the challenge of providing optimization tools for a vast variety of different system configurations, we propose a generic mixed-integer linear programming formulation for the operational production optimization in DH systems. The model is based on a network structure that can represent different system setups while the underlying model formulation stays the same. Therefore, the model can be used for most DH systems although they might use different combinations of technologies in different system layouts. The mathematical formulation is based on stochastic programming to account for the uncertainty of energy prices and production from non-dispatchable units such as waste heat and solar heat. Furthermore, the model is easily adaptable to different application cases in DH systems such as operational planning, bidding to electricity markets and long-term evaluation. We present results from three real cases in Denmark with different requirements.

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A generic stochastic network-based formulation for production optimization of district heating systems

Guericke,

Schledorn,

Madsen

2024

Energy Syst

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RES.Trade: An Open-Access Simulator to Assess the Impact of Different Designs on Balancing Electricity Markets

Algarvio,

Couto,

Estanqueiro

2024

Energies

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The 2050 global ambition for a carbon-neutral society is increasing the penetration of the most competitive variable renewable technologies, onshore wind and solar PV. These technologies are known for their near-zero marginal costs but highly variable time-dependent generation. Power systems with major penetrations of variable generation need high balancing flexibility to guarantee their stability by maintaining the equilibrium between demand and supply. This work presents the open-access Multi-agent Trading of Renewable Energy Sources (RES.Trade) system, which includes different market designs of the imbalance settlement and the secondary and tertiary reserves. A new imbalance settlement is also proposed in this work. The main features of RES.Trade are demonstrated using two case studies and projected 2030 scenarios: the first analysed four imbalance settlement mechanisms in Portugal, achieving a 43% reduction in penalties using the new method; the second case study assesses the impact of five procurement mechanisms of secondary power reserves in the Spanish power system, resulting in a cost reduction by 34% in the case of dynamic reserves.

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Optimal Bidding of Flexible Demand in Electricity Markets With Block Orders

Cited by 2 publications

References 24 publications

A generic stochastic network-based formulation for production optimization of district heating systems

A generic stochastic network-based formulation for production optimization of district heating systems

RES.Trade: An Open-Access Simulator to Assess the Impact of Different Designs on Balancing Electricity Markets

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