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

Research output: Chapter in Book/Report/Conference proceedingConference contributionAcademicpeer-review

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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 languageEnglish
Title of host publication15th International Conference on the European Energy Market, EEM 2018
Place of PublicationPiscataway
PublisherIEEE Computer Society
Number of pages5
ISBN (Electronic)978-1-5386-1488-4
ISBN (Print)978-1-5386-1489-1
DOIs
Publication statusPublished - 20 Sep 2018
Event15th International Conference on the European Energy Market, EEM 2018 - Lodz, Poland
Duration: 27 Jun 201829 Jun 2018

Conference

Conference15th International Conference on the European Energy Market, EEM 2018
CountryPoland
CityLodz
Period27/06/1829/06/18

Fingerprint

Energy storage
Profitability
Electric power distribution
Mathematical models
Participation
Generator

Keywords

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

Cite this

Farrokhseresht, M., Paterakis, N. G., Gibescu, M., & Slootweg, J. G. (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] Piscataway: IEEE Computer Society. https://doi.org/10.1109/EEM.2018.8469877
Farrokhseresht, Mana ; Paterakis, Nikolaos G. ; Gibescu, Madeleine ; Slootweg, J. G. / Participation of a combined wind and storage unit in the day-ahead and local balancing markets. 15th International Conference on the European Energy Market, EEM 2018. Piscataway : IEEE Computer Society, 2018.
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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; Slootweg, J. G.

15th International Conference on the European Energy Market, EEM 2018. Piscataway : IEEE Computer Society, 2018. 8469877.

Research output: Chapter in Book/Report/Conference proceedingConference contributionAcademicpeer-review

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Farrokhseresht M, Paterakis NG, Gibescu M, Slootweg JG. 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. Piscataway: IEEE Computer Society. 2018. 8469877 https://doi.org/10.1109/EEM.2018.8469877