Reliability-constraint energy acquisition strategy for electricity retailers

Khojasteh, Meysam; Jadid, Shahram

doi:10.1016/j.ijepes.2018.03.032

Cited by 12 publications

(9 citation statements)

References 30 publications

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“…Decision‐making strategies for retailer participating in electricity markets have also been investigated in several research works. Some of these works address decision‐making problem of EVs aggregator as a retailer to participate in energy market . For example, a bi‐level programming approach has been proposed in Lujano‐Rojas et al based on the Stackelberg game model.…”

Section: Introductionmentioning

confidence: 99%

“…In Yang et al, a bidding strategy for EV aggregator has been proposed to minimize the expected electricity costs considering price volatility. Khojasteh and Jadid present a fuzzy information gap decision theory–based framework for electricity retailers to determine the energy acquisition strategy. Additionally, the point estimate method is proposed to deal with the uncertainty of rivals' strategies.…”

Section: Introductionmentioning

confidence: 99%

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Stochastic risk-constrained decision-making approach for a retailer in a competitive environment with flexible demand side resources

Rashidizadeh‐Kermani

Vahedipour‐Dahraie

Anvari‐Moghaddam

et al. 2018

Int Trans Electr Energ Syst

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Summary This paper presents a risk‐averse stochastic bi‐level programming approach to solve decision‐making of a retailer in a competitive market under uncertainties. The retailer decides the level of involvement in day‐ahead (DA) and regulation markets by making an optimal bidding strategy with the goal of expected profit maximization. Uncertainties associated with DA prices, up/down regulation market prices, customers' demand, and rival retailers' behaviors are tackled through a stochastic programming model. In the proposed model, responsive loads and electric vehicles (EVs) track the real‐time prices and choose the proper retailer to minimize their payments in the competitive trading floor. The obtained nonlinear stochastic model is transformed into an equivalent linear single‐level program by replacing the lower‐level problem with its Karush‐Kuhn‐Tucker optimality conditions and using duality theory. Finally, the proposed methodology is evaluated by applying to a realistic case study, and the results demonstrate the effectiveness of the proposed framework.

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Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Stochastic risk-constrained decision-making approach for a retailer in a competitive environment with flexible demand side resources

Rashidizadeh‐Kermani

Vahedipour‐Dahraie

Anvari‐Moghaddam

et al. 2018

Int Trans Electr Energ Syst

View full text Add to dashboard Cite

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“…Retailer procurement cost is the sum of cost of energy procured from bilateral contracts, thermal and RE self-generating units, and spot market in hour t. 17,22 Total procurement cost Cost total t is Cost total…”

Section: Procurement Costmentioning

confidence: 99%

“…Objective (27) is maximized subject to constraints on bilateral contract (3), self-generating (4) to (17), spot market (19), energy balance (20), sale price (22) to (24), and demand redistribution constraint (25). Here, sale price, price-responsive demand, and portfolio of energy to be procured from various options are key decision variables of the problem.…”

Section: Objective Functionmentioning

confidence: 99%

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Risk‐based retailer profit maximization: Time of Use price setting for elastic demand

Chawda

Mathuria

Bhakar

2019

Int Trans Electr Energ Syst

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Summary Retailers in electricity markets face challenges of hourly varying energy prices and consumers' elastic demand. Besides these challenges, utilization of high renewable energy (RE) self‐generation such as solar energy could significantly affect energy procurement and sale prices decisions of a retailer. A retailer with RE self‐generation makes decisions targeting best utilization of RE availability, to maximize its profit. However, a retailer without RE makes decisions considering energy prices and elastic demand. In this perspective, this paper determines optimal Time of Use (ToU) sale prices to be offered and optimal energy procurement portfolio, for a retailer with and without RE, considering elastic demand and wholesale market price uncertainty, aiming to maximize retailer's profit. Case study considers three consumer classes to examine risk neutral and risk averse behavior of a retailer. Results illustrate impact of multiple consumer class behavior on ToU price, procurement strategy, and risk preferences of a retailer.

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Application of information gap decision theory in practical energy problems: A comprehensive review

2019

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The uncertainty and risk modeling is a hot topic in operation and planning of energy systems. The system operators and planners are decision makers that need to handle the uncertainty of input data of their models. As an example, energy consumption has always been a critical problem for operators since the forecasted values, and the actual consumption is never expected to be the same. The penetration of renewable energy resources is continuously increasing in recent and upcoming years.These technologies are not dispatch-able and are highly dependent on natural resources. This would make the real-time energy balancing more complicated. Another source of uncertainty is related to energy market prices which are determined by the market participants' behaviors. To consider these issues, the uncertainty modeling should be performed. Various approaches have been previously utilized to model the uncertainty of these parameters such as probabilistic approaches, possibilistic approaches, hybrid possibilisticprobabilistic approach, information gap decision theory, robust and interval optimization techniques. This paper reviews the research works that used information gap decision theory for uncertainty modeling in energy and power systems.

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Reliability-constraint energy acquisition strategy for electricity retailers

Cited by 12 publications

References 30 publications

Stochastic risk-constrained decision-making approach for a retailer in a competitive environment with flexible demand side resources

Stochastic risk-constrained decision-making approach for a retailer in a competitive environment with flexible demand side resources

Risk‐based retailer profit maximization: Time of Use price setting for elastic demand

Application of information gap decision theory in practical energy problems: A comprehensive review

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