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Energy storage systems (ESS) are considered as a promising solution to improve power system flexibility and facilitate the integration of renewables in electricity markets. This paper investigates the impact of strategic offering by an ESS operator in the day-ahead and balancing market. The offering strategy of a price-maker ESS operator is formulated as a bilevel model, where the upper-level problem...
We present a simple, yet realistic, agent-based model of an electricity market. The proposed model combines the spot and balancing markets with a resolution of one minute, which enables a more accurate depiction of the physical properties of the power grid. As a test, we compare the results obtained from our simulation to data from Nord Pool.
In an electricity market with high share of wind power, it is expected that wind power producers may exercise market power. However, wind producers have to cope with wind's uncertain nature in order to optimally offer their generation, whereas in a market with more than one wind producers, uncertainty of rival wind power generation should also be considered. Under this context, this paper addresses...
This paper presents a closed-loop model in which commercial building aggregators (CBAs) minimize their operating costs in a wholesale electricity market, considering wind power uncertainties that are modeled as contingencies using a set of forecast error scenarios. Specifically, the CBAs determine the optimal energy consumption and reserve deployment of variable speed heat pumps (VSHPs) and plug-in...
Wind power is increasingly integrated into power systems through electricity markets. To make the market operation economically possible for wind power producers, the period between bids and delivery (gate closure time) is crucial. Wind power will experience larger forecast errors the longer the gate closure time. This paper presents a case study for wind power producers in Portugal (MIBEL) and Finland...
In recent years so-called stochastic power producers (with portfolios including wind and solar power generation capacities) are increasingly asked to participate in electricity markets under the same rules than for conventional generators. Stochastic power producers may act strategically in order to decrease expected penalties induced by imbalances. Many alternative offering strategies based on forecasts...
With the liberalization of the electricity markets, price forecasting has become crucial for the decision-making process of market agents. The unique features of electricity price, such as non-stationary, non-linearity and high volatility make this a very difficult task. For this reason, rather than a simple point forecast, market participants are more interested in a probabilistic forecast that is...
Power flow computations are essential for many types of power system analyses. In order to reduce computation time and reflect actual power market operation, network aggregation principles are often used.
Static economic dispatch is confronted with difficulties to dispatch expensive peaking plants and ramp limited resources within required time frame due to increasingly volatile system conditions. An upgrade of current dispatch algorithm into a dynamic frame is proposed to solve this issue. Simulations verify that the dynamic dispatch will not only improve unit scheduling but also prevent producers...
This paper explores wind energy forecasting consistency by considering the error benchmarks associated with the generation output of a small wind farm in comparison to the national forecasting as provided by Eirgrid, the Irish TSO. This percentage error analysis will contrast the predicted (Eirgrid) capacity and actual wind energy output observations (Wind farm) and postulations that consider alternative...
Market and system operators face new challenges as more renewable energy sources are added. The driving factors in this trend are mainly associated with environmental benefits of the renewable generation and climate change mitigation, as well as the reduction of the dependency of conventional and external energy source. If integrated in large scale, the nondispatchable nature of intermittent resources...
This paper investigates the impact of coordinating vehicle-to-grid (V2G) services with a producer on the price amounts and the market outcomes. A stochastic intra-hour bilevel model is developed for an electricity pool including the day-ahead and real-time markets. The conditional value at risk (CVaR) function takes into account to control high trading risks which are arisen from uncertainties due...
A major challenge in power system operation is the integration of renewable energy in-feed in large scale. Currently, the responsibility to cope with uncertainty in power injection is transferred to a central authority, i.e. the system operator, while renewable energy in-feed is supported via a tariff system. In this paper we propose market participation of wind farms in combination with a third-party...
In electricity markets, credit collateral requirements for participants have traditionally been set based on historical price data that may not properly reflect future risks. A new predictive approach to determining credit risk is proposed in this paper. For any market that prices reserves in the real-time market, correlation exists between available reserve levels and real-time energy prices. This...
Demand aggregators are new market players that represent a group of consumers in the electricity market. This paper proposes an aggregator model responsible for gathering residential and commercial consumers, which has the role of managing their flexible consumption in the day-ahead electricity market. A methodology to optimize the aggregator's bids is also presented. It optimizes the scheduling of...
The optimal bidding strategy for trading electricity from a wind farm is not always clear. This paper outlines a method for predicting whether the market will be long or short and uses this information to select the best quantile regression for the current market conditions. Results from a simulation with a 2.5MW turbine produced a savings of over £1000 over a three month period compared to using...
This paper aims to assess the influence of wind power generation on the market splitting behaviour of the Iberian electricity spot markets. Iberia stands as an ideal case study, where the high level deployment of wind power is observed, together with an early implementation of the market splitting mechanism between the Portuguese and the Spanish spot electricity markets. Non-parametric models are...
This paper extends our recent work and proposes a multi-stage coupon incentive-based demand response (M-CIDR) in two-settlement electricity markets. In contrast to the realtime pricing (RTP) or critical peak pricing (CPP) demand response programs, M-CIDR continues to offer a flat rate to retail customers and additional voluntary incentives to induce demand response. Compared with single-stage CIDR,...
Nowadays, with the new paradigm shift in the energy sector and the advent of the smart grid, or even with the mandatory imposition for a gradual reduction of greenhouse gas emissions, the renewable producers, namely the wind power producers are faced with the competitiveness and deregulated structure that characterizes the liberalized electricity market. In a liberalized electricity market, the most...
With the publication of EU Renewable Energy Guide and the release of the 2020 energy goals, the wind power is incorporated into the power market on a large scale has become an inevitable trend. However, with a substantial increase of wind power proportion to the overall power generation capacity, the cost of wind power connected to the power grid increased accordingly and the impact of wind power...
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