The value of volatile resources in electricity markets

Meyn, Sean; Negrete-Pincetic, Matías; Wang, Gui; Kowli, Anupama; Shafieepoorfard, Ehsan

doi:10.1109/cdc.2010.5717327

Cited by 65 publications

(54 citation statements)

References 15 publications

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“…It is widely accepted that the deep penetration of renewable generation will substantially increase the need for ancillary services [2]- [4]. Recent studies [5] project that the spring time maximum up-regulation reserve needed to accommodate California's 33% renewable penetration mandate will increase from 277 MW to 1,135 MW.…”

Section: Introductionmentioning

confidence: 99%

Aggregate Flexibility of Thermostatically Controlled Loads

Sanandaji

Poolla

et al. 2015

IEEE Trans. Power Syst.

622

477

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Abstract-It is widely accepted that Thermostatically Controlled Loads (TCLs) can be used to provide regulation reserve to the grid. We first argue that the aggregate flexibility offered by a collection of TCLs can be succinctly modeled as a stochastic battery with dissipation. We next characterize the power limits and energy capacity of this battery model in terms of TCL parameters and random exogenous variables such as ambient temperature and user-specified set-points. We then describe a direct load control architecture for regulation service provision. Here, we use a priority-stack-based control framework to select which TCLs to control at any time. The control objective is for the aggregate power deviation from baseline to track an automatic generation control signal supplied by the system operator. Simulation studies suggest the practical promise of our methods.

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Section: Introductionmentioning

confidence: 99%

Aggregate Flexibility of Thermostatically Controlled Loads

Sanandaji

Poolla

et al. 2015

IEEE Trans. Power Syst.

622

477

View full text Add to dashboard Cite

show abstract

“…chains of shops would be an obvious solution. With an increasing penetration of intermittent wind energy, the value of regulating reserves is expected to increase [22]. Thus, not only the need for regulating power but also the incentives to participate in the regulating power market increase.…”

Section: Discussionmentioning

confidence: 99%

Flexible and cost efficient power consumption using economic MPC a supermarket refrigeration benchmark

Hovgaard

Larsen

Jørgensen

2011

IEEE Conference on Decision and Control and European Control Conference

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Abstract-Supermarket refrigeration consumes substantial amounts of energy. However due to the thermal capacity of the refrigerated goods, parts of the cooling capacity delivered can be shifted in time without deteriorating the food quality. In this paper we introduce a novel economic-optimizing MPC scheme that reduces operating costs by utilizing the thermal storage capabilities. In the study we specifically address advantages coming from daily variations in outdoor temperature and electricity prices but other aspects such as peak load reduction are also considered. An important contribution of this paper is also the formulation of a new cost function for our proposed power management system. This means the refrigeration system is enabled to contribute with ancillary services to the balancing power market. Since significant amounts of regulating power are needed for a higher penetration of intermittent renewable energy sources such as wind turbines, this feature will be in high demand in a future intelligent power grid (Smart Grid). Our perspective is seen from the refrigeration system but, as we demonstrate, the involvement in the balancing market can be economically beneficial for the system itself, while delivering crucial services to the Smart Grid. We simulate the system using models validated against data from real supermarkets as well as weather data and spot and regulating power prices from the Nordic power market.

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“…This usually involves scheduling consumption during periods of low prices to minimize costs to consumers or to optimize grid level operations. As there may be an inherent uncertainty in allowing consumers to react to price, stability of the grid may be compromised and can lead to a volatile market [8], [3]. In these papers and others that have dealt with DR, the framework is often one where any DR-compatible consumers act as price takers; that is, the consumers react to prices after they are settled instead of actively participating in the wholesale market.…”

Section: Introductionmentioning

confidence: 99%

“…As there can be a substantial discrepancy between the predicted and actual renewable generation in the system [1], the grid requires a large number of fast-ramping reserves, usually provided by natural gas-fired power plants [2]. However, as the penetration of renewables continues to rise, these reserve requirements may become prohibitively expensive [3]. Direct energy storage based solutions [4]- [6] are still economically unjustifiable, and thus, currently absent at the grid-scale level.…”

Section: Introductionmentioning

confidence: 99%

An Integrated Dynamic Market Mechanism for Real-Time Markets and Frequency Regulation

Shiltz

Cvetković

Annaswamy

2016

IEEE Trans. Sustain. Energy

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Abstract-The intermittent and uncertain nature of renewables represents a major challenge for large scale adoption of sustainable energy resources. Of particular concern is the need to maintain both quality of grid frequency and low costs of regulation reserves in the face of increasing fluctuations in renewables. To this end, we propose an integrated dynamic market mechanism (DMM) which combines real-time market and frequency regulation allowing market players, including renewable generators and flexible consumers, to iteratively negotiate electricity prices at the wholesale level while using the most recent information on the available wind power and the quality of grid frequency. Main features of the integrated DMM are (i) a Newton-Raphson-based method which leads to fast convergence to the optimal dispatch, (ii) use of an aggregated frequency error as a feedback signal for the negotiation process which leads to reduced regulation capacity requirements. The benefits of this DMM are illustrated via simulations on the IEEE 118 bus system.

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The value of volatile resources in electricity markets

Cited by 65 publications

References 15 publications

Aggregate Flexibility of Thermostatically Controlled Loads

Aggregate Flexibility of Thermostatically Controlled Loads

Flexible and cost efficient power consumption using economic MPC a supermarket refrigeration benchmark

An Integrated Dynamic Market Mechanism for Real-Time Markets and Frequency Regulation

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