Participation of a combined wind and storage unit in the day-ahead and local balancing markets

Mana Farrokhseresht; Nikolaos G. Paterakis; Madeleine Gibescu; J. G. Slootweg

doi:10.1109/EEM.2018.8469877

Participation of a combined wind and storage unit in the day-ahead and local balancing markets

Mana Farrokhseresht, Nikolaos G. Paterakis, Madeleine Gibescu, J. G. Slootweg

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › Academic › peer-review

4 Citations (Scopus)

6 Downloads (Pure)

Abstract

In this paper, the market participation of an independent energy producer owning a combined wind generator-energy storage system (WG-ESS) connected to the distribution network is considered. A mathematical model for the profit maximization of the WG-ESS participating strategically in wholesale day-ahead and local balancing markets (LBMs) is proposed. We assume that in a future dominated by uncertainty and variability from distributed renewable energy sources, such a LBM, to be operated by a new entity called distribution market operator (DMO) will evolve. A stochastic bi-level optimization algorithm is adopted, where the WG-ESS maximizes its profit in the day-ahead market and the DMO-operated LBM. The results show that the strategic decisions of the WG-ESS in multiple markets significantly change compared to a single DA energy-only market.

Original language	English
Title of host publication	15th International Conference on the European Energy Market, EEM 2018
Place of Publication	Piscataway
Publisher	IEEE Computer Society
Number of pages	5
ISBN (Electronic)	978-1-5386-1488-4
ISBN (Print)	978-1-5386-1489-1
DOIs	https://doi.org/10.1109/EEM.2018.8469877
Publication status	Published - 20 Sept 2018
Event	15th International Conference on the European Energy Market, EEM 2018 - Lodz, Poland Duration: 27 Jun 2018 → 29 Jun 2018

Conference

Conference	15th International Conference on the European Energy Market, EEM 2018
Country/Territory	Poland
City	Lodz
Period	27/06/18 → 29/06/18

Keywords

Bi-level stochastic optimization
Day-ahead market
Energy storage systems
Local balancing market
Wind power

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

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10.1109/EEM.2018.8469877

Cite this

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title = "Participation of a combined wind and storage unit in the day-ahead and local balancing markets",

abstract = "In this paper, the market participation of an independent energy producer owning a combined wind generator-energy storage system (WG-ESS) connected to the distribution network is considered. A mathematical model for the profit maximization of the WG-ESS participating strategically in wholesale day-ahead and local balancing markets (LBMs) is proposed. We assume that in a future dominated by uncertainty and variability from distributed renewable energy sources, such a LBM, to be operated by a new entity called distribution market operator (DMO) will evolve. A stochastic bi-level optimization algorithm is adopted, where the WG-ESS maximizes its profit in the day-ahead market and the DMO-operated LBM. The results show that the strategic decisions of the WG-ESS in multiple markets significantly change compared to a single DA energy-only market.",

keywords = "Bi-level stochastic optimization, Day-ahead market, Energy storage systems, Local balancing market, Wind power",

author = "Mana Farrokhseresht and Paterakis, {Nikolaos G.} and Madeleine Gibescu and Slootweg, {J. G.}",

year = "2018",

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booktitle = "15th International Conference on the European Energy Market, EEM 2018",

publisher = "IEEE Computer Society",

address = "United States",

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Farrokhseresht, M, Paterakis, NG, Gibescu, M & Slootweg, JG 2018, Participation of a combined wind and storage unit in the day-ahead and local balancing markets. in 15th International Conference on the European Energy Market, EEM 2018., 8469877, IEEE Computer Society, Piscataway, 15th International Conference on the European Energy Market, EEM 2018, Lodz, Poland, 27/06/18. https://doi.org/10.1109/EEM.2018.8469877

Participation of a combined wind and storage unit in the day-ahead and local balancing markets. / Farrokhseresht, Mana; Paterakis, Nikolaos G.; Gibescu, Madeleine et al.
15th International Conference on the European Energy Market, EEM 2018. Piscataway: IEEE Computer Society, 2018. 8469877.

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › Academic › peer-review

TY - GEN

T1 - Participation of a combined wind and storage unit in the day-ahead and local balancing markets

AU - Farrokhseresht, Mana

AU - Paterakis, Nikolaos G.

AU - Gibescu, Madeleine

AU - Slootweg, J. G.

PY - 2018/9/20

Y1 - 2018/9/20

N2 - In this paper, the market participation of an independent energy producer owning a combined wind generator-energy storage system (WG-ESS) connected to the distribution network is considered. A mathematical model for the profit maximization of the WG-ESS participating strategically in wholesale day-ahead and local balancing markets (LBMs) is proposed. We assume that in a future dominated by uncertainty and variability from distributed renewable energy sources, such a LBM, to be operated by a new entity called distribution market operator (DMO) will evolve. A stochastic bi-level optimization algorithm is adopted, where the WG-ESS maximizes its profit in the day-ahead market and the DMO-operated LBM. The results show that the strategic decisions of the WG-ESS in multiple markets significantly change compared to a single DA energy-only market.

AB - In this paper, the market participation of an independent energy producer owning a combined wind generator-energy storage system (WG-ESS) connected to the distribution network is considered. A mathematical model for the profit maximization of the WG-ESS participating strategically in wholesale day-ahead and local balancing markets (LBMs) is proposed. We assume that in a future dominated by uncertainty and variability from distributed renewable energy sources, such a LBM, to be operated by a new entity called distribution market operator (DMO) will evolve. A stochastic bi-level optimization algorithm is adopted, where the WG-ESS maximizes its profit in the day-ahead market and the DMO-operated LBM. The results show that the strategic decisions of the WG-ESS in multiple markets significantly change compared to a single DA energy-only market.

KW - Bi-level stochastic optimization

KW - Day-ahead market

KW - Energy storage systems

KW - Local balancing market

KW - Wind power

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M3 - Conference contribution

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BT - 15th International Conference on the European Energy Market, EEM 2018

PB - IEEE Computer Society

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T2 - 15th International Conference on the European Energy Market, EEM 2018

Y2 - 27 June 2018 through 29 June 2018

ER -

Participation of a combined wind and storage unit in the day-ahead and local balancing markets

Abstract

Conference

Keywords

UN SDGs

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