Optimal demand response bidding and pricing mechanism: Application for a virtual power plant

Mnatsakanyan, Ashot; Kennedy, Scott

doi:10.1109/sustech.2013.6617315

Cited by 10 publications

(2 citation statements)

References 3 publications

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“…In this paper, the conditional value-at-risk (CVaR) method is used to describe the loss of this part of the profit. Then the CVaR of the electricity retailer's electricity purchase and sale income can be expressed as [19]:…”

Section: An Optimal Decision-making Model Considering the Uncertainty...mentioning

confidence: 99%

Optimization of Electricity Purchase and Sales Strategies of Electricity Retailers under the Condition of Limited Clean Energy Consumption

Liao¹,

Liu²,

Wang³

et al. 2023

Energy Engineering

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In the process of my country's energy transition, the clean energy of hydropower, wind power and photovoltaic power generation has ushered in great development, but due to the randomness and volatility of its output, it has caused a certain waste of clean energy power generation resources. Regarding the purchase and sale of electricity by electricity retailers under the condition of limited clean energy consumption, this paper establishes a quantitative model of clean energy restricted electricity from the perspective of power system supply and demand balance. Then it analyzes the source-charge dual uncertain factors in the electricity retailer purchasing and selling scenarios in the mid-to long-term electricity market and the day-ahead market. Through the multi-scenario analysis method, the uncertain clean energy consumption and the user's power demand are combined to form the electricity retailer's electricity purchase and sales scene, and the typical scene is obtained by using the hierarchical clustering algorithm. This paper establishes a electricity retailer's risk decision model for purchasing and selling electricity in the mid-and long-term market and reduce-abandonment market, and takes the maximum profit expectation of the electricity retailer from purchasing and selling electricity as the objective function. At the same time, in the medium and longterm electricity market and the day-ahead market, the electricity retailer's purchase cost, electricity sales income, deviation assessment cost and electricity purchase and sale risk are considered. The molecular results show that electricity retailers can obtain considerable profits in the reduce-abandonment market by optimizing their own electricity purchase and sales strategies, on the premise of balancing profits and risks.

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Section: An Optimal Decision-making Model Considering the Uncertainty...mentioning

confidence: 99%

Optimization of Electricity Purchase and Sales Strategies of Electricity Retailers under the Condition of Limited Clean Energy Consumption

Liao¹,

Liu²,

Wang³

et al. 2023

Energy Engineering

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show abstract

“…Fig. 1 shows the separation of the operation of commercial VPPs (CVPPs) in the liberalized market into three layers [6][7][8]. The first layer is the inside control.…”

Section: Introductionmentioning

confidence: 99%

Optimal VPP operation strategy in liberalized electricity markets

Chung

Wei

et al. 2015

2015 IEEE 15th International Conference on Environment and Electrical Engineering (EEEIC)

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The concept of the virtual power plants (VPPs) in smart grids is receiving a great deal of attention because of the following two potentials. One is that the virtual power plant can secure the power system by controlling the power for customers participating in the demand response program and the energy storage systems in order to maintain the power system operation. The other is that the virtual power plant can effectively integrate renewable energy sources (RESs) with the power system to increase the penetration level of RESs and provide different types of auxiliary services for system operations. Although the virtual power plant is of benefit to the power system, it would also be beneficial for VPPs operators to be able to quantify the earnable profit of such an operation. The aim of this paper is to present a methodology for determining the maximum profit for virtual power plants in liberalized electricity markets through optimal power flow by controlling the power for customers participating in the demand response program and the energy storage systems in the presence of RESs. With the proposed method, business owners can more effectively operate VPPs. The test results of a modified IEEE 37-node feeder test system are presented.

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A comprehensive review on microgrid and virtual power plant concepts employed for distributed energy resources scheduling in power systems

Nosratabadi

Hooshmand

Gholipour

2017

Renewable and Sustainable Energy Reviews

449

189

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Optimal demand response bidding and pricing mechanism: Application for a virtual power plant

Cited by 10 publications

References 3 publications

Optimization of Electricity Purchase and Sales Strategies of Electricity Retailers under the Condition of Limited Clean Energy Consumption

Optimization of Electricity Purchase and Sales Strategies of Electricity Retailers under the Condition of Limited Clean Energy Consumption

Optimal VPP operation strategy in liberalized electricity markets

A comprehensive review on microgrid and virtual power plant concepts employed for distributed energy resources scheduling in power systems

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