Logo
ScienceStack
Table of Contents
Fetching ...
Sign In

Single-level Robust Bidding of Renewable-only Virtual Power Plant in Energy and Ancillary Service Markets for Worst-case Profit

Hadi Nemati, Pedro Sánchez-Martín, Ana Baringo, Álvaro Ortega

Abstract

This paper proposes a novel single-level robust mathematical approach to model the RES-only Virtual Power Plant (RVPP) bidding problem in the simultaneous Day Ahead Market (DAM) and Secondary Reserve Market (SRM). The worst-case profit of RVPP due to uncertainties related to electricity prices, Non-dispatchable Renewable Energy Sources (ND-RES) production, and flexible demand is captured. In order to find the worst-case profit in a single-level model, the relationship between price and energy uncertainties leads to some non-linear constraints, which are appropriately linearized. The simulation results show the superiority of the proposed robust model compared to those in the literature, as well as its computational efficiency.

Single-level Robust Bidding of Renewable-only Virtual Power Plant in Energy and Ancillary Service Markets for Worst-case Profit

Abstract

This paper proposes a novel single-level robust mathematical approach to model the RES-only Virtual Power Plant (RVPP) bidding problem in the simultaneous Day Ahead Market (DAM) and Secondary Reserve Market (SRM). The worst-case profit of RVPP due to uncertainties related to electricity prices, Non-dispatchable Renewable Energy Sources (ND-RES) production, and flexible demand is captured. In order to find the worst-case profit in a single-level model, the relationship between price and energy uncertainties leads to some non-linear constraints, which are appropriately linearized. The simulation results show the superiority of the proposed robust model compared to those in the literature, as well as its computational efficiency.
Paper Structure (18 sections, 3 equations, 6 figures)

This paper contains 18 sections, 3 equations, 6 figures.

Table of Contents

  1. Introduction
  2. Motivation
  3. Literature Review
  4. Approach and Contributions
  5. Paper Organization
  6. Comparing Energy and Profit Robustness
  7. Profit Robustness Formulation
  8. Nomenclature
  9. Price Robustness (Objective Function)
  10. Supply-demand and Traded Constraints
  11. ndrs Profit Robustness
  12. Demand Cost Robustness
  13. Coping with Non-linear Constraints
  14. Profit Robustness Example
  15. Simulation Results
  16. ...and 3 more sections

Figures (6)

  • Figure 1: A comparison between the energy and profit robustness approaches.
  • Figure 2: Final values of dam electricity price and rvpp units output energy in different case studies.
  • Figure 3: The profit/cost dual variables affected by different uncertainties in different case studies.
  • Figure 4: The energy forecast data.
  • Figure 5: rvpp traded energy and reserve versus electricity price in different case studies.
  • ...and 1 more figures