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Short Term Electricity Market Designs: Identified Challenges and Promising Solutions [article]

Lina Silva-Rodriguez
2020 arXiv   pre-print
and the transformation of the consumers energy space.  ...  In this regard, a future-proof market design must combine different elements of proposed solutions to comprehensively mitigate market barriers and overcome the identified implementation challenges.  ...  These characteristics include, for example, the day-ahead (DA) market time granularity, the gate closure timing (GCT), and the auction mechanism of the reserve and DA markets.  ... 
arXiv:2011.04587v1 fatcat:ovkfkltcmjg6pdte733hzqbzn4

Bringing Wind Energy to Market

Eilyan Y. Bitar, Ram Rajagopal, Pramod P. Khargonekar, Kameshwar Poolla, Pravin Varaiya
2012 IEEE Transactions on Power Systems  
Starting with a simple model of the uncertainty in the production of power from a wind turbine farm and a model for the electric energy market, we derive analytical expressions for the optimal bid amount  ...  Wind energy is a rapidly growing source of renewable energy. However, the current extra-market approach to assimilating wind energy into the electric grid will not scale at deep penetration levels.  ...  We start with a simple stochastic model for wind power production and a model for the conventional electricity market for energy.  ... 
doi:10.1109/tpwrs.2012.2183395 fatcat:rekjmkvwkfcbxn22qsjvnjvudi

Improving Electricity Market Economy via Closed-Loop Predict-and-Optimize [article]

Xianbang Chen, Yikui Liu, Lei Wu
2022 arXiv   pre-print
The trained economy-oriented predictors are then embedded into the UC model, forming a prescriptive UC model that can simultaneously provide RES-reserve predictions and UC decisions with enhanced market  ...  Numerical case studies on an IEEE 118-bus system illustrate potential economic and practical advantages of C-PO over O-PO, robust UC, and stochastic UC.  ...  : As shown in Fig. 2 , the market economy is evaluated by solving the day-ahead UC and the real-time ED in a queue.  ... 
arXiv:2208.13065v1 fatcat:i7vrhdi3mrawtl3s57bjsoosfy

Optimal Scheduling Strategy of Cascade Hydropower Plants under the Joint Market of Day-ahead Energy and Frequency Regulation

Yi Yu, Yonggang Wu, Quanyuan Sheng
2021 IEEE Access  
In order to adapt to new situation of cascade hydropower enterprises (CHEs) participating in the joint market of day-ahead energy and frequency regulation (FR), a short-term optimal scheduling strategy  ...  INDEX TERMS joint market of energy and frequency regulation, cascade hydropower plants, AGC mode, optimal scheduling model of CPPs, optimal solution method  ...  model of CPPs accounting for day-ahead active power and AGC benefits is established for the joint optimal dispatching of CPPs under the joint market of day-ahead energy and FR. • To realize the effective  ... 
doi:10.1109/access.2021.3071491 fatcat:fcbmqkwnhndqdl2qzpbgw5fuia

A Configuration Based Pumped Storage Hydro Model in MISO Day-Ahead Market [article]

Bing Huang, Yonghong Chen, Ross Baldick
2020 arXiv   pre-print
A strategic design of incorporating and fully optimizing PSHUs in the day-ahead market is presented. We show the compactness of the proposed model.  ...  This paper proposes a configuration based pumped storage hydro (PSH) model for the day-ahead market, in order to enhance the use of PSH resources in the system.  ...  Department of Energy's Office of Energy Efficiency and Renewable Energy (EERE) under the Water Power Technologies Office Award Number DE-EE0008781.  ... 
arXiv:2009.04944v1 fatcat:4wworiywqvbb7c6hy6wdr36zuq

Clearing and Pricing for Coordinated Gas and Electricity Day-ahead Markets Considering Wind Power Uncertainty [article]

Runze Chen, Jianhui Wang, Hongbin Sun
2016 arXiv   pre-print
And by considering the uncertainty brought by renewable energies, a more forward-looking day-ahead market clearing framework is presented.  ...  The formulation, algorithm of the pro-posed joint market model will be presented, as well as some case studies.  ...  ND-CGEM MODEL FORMULATION AND SOLUTION A. Overall design of the ND-CGEM model The ND-CGEM model is modeled as a stochastic programming problem.  ... 
arXiv:1611.09599v3 fatcat:cbkmvdtjd5aplg5cpvr77hduuu

Stochastic network-constrained co-optimization of energy and reserve products in renewable energy integrated power and gas networks with energy storage systems

Mohammad Amin Mirzaei, Ahmad Sadeghi Yazdankhah, Behnam Mohammadi-Ivatloo, Mousa Marzband, Miadreza Shafie-khah, João P. S. Catalão
2019 Journal of Cleaner Production  
This paper proposes a two-stage stochastic network-constrained unit commitment based market clearing model for energy and reserve products in coordinated power and gas networks with the integration of  ...  The effect of including the constraints of the gas system on the power system operation cost in day-ahead co-optimization of energy and reserve products is evaluated ACCEPTED MANUSCRIPT 2 using numerical  ...  A number of researchers have studied the effect of flexible resources in UC based stochastic marketclearing model of joint energy and reserve.  ... 
doi:10.1016/j.jclepro.2019.03.021 fatcat:jcxxqybi6zgpblvxosxrb24sym

Day-Ahead Market Modeling for Strategic Wind Power Producers under Robust Market Clearing

Huiru Zhao, Yuwei Wang, Mingrui Zhao, Qingkun Tan, Sen Guo
2017 Energies  
In [37], a stochastic programming problem was proposed for obtaining the optimal offering and operating strategy for a large wind-storage system adopting BM 2.  ...  In this paper, considering real time wind power uncertainties, the strategic behaviors of wind power producers adopting two different bidding modes in day-ahead electricity market is modeled and experimentally  ...  Introduction The day-ahead electricity market (EM) is a crucial component in the EM system [1] .  ... 
doi:10.3390/en10070924 fatcat:foqvqv6v45dkxn6zwxet7pwsxq

Assessment of energy storage systems as a reserve provider in stochastic network constrained unit commitment

M. Habibi, V. Vahidinasab, J. Aghaei, B. Mohammadi‐Ivatloo
2021 IET Smart Grid  
It has been revealed that previous stochastic models neglect the impact of corrective dispatches, related to the provision of regulation reserves, on the energy level stored in the ESSs, which can lead  ...  Recently, the provision of the reserve from energy storage systems (ESSs) is introduced as a source for ancillary services to address the uncertainties of renewable power generations.  ...  | MODEL DESCRIPTION The model of SNC-UC for the day-ahead energy and reserve market, considering coordinated compensation of ESSs, is formulated in this section.  ... 
doi:10.1049/stg2.12012 fatcat:k3sespwypvaphermfjhz4ek7xi

Stochastic vs. deterministic scheduling of a combined natural gas and power system with uncertain wind energy

Dan Hu, Sarah M. Ryan
2019 International Journal of Electrical Power & Energy Systems  
The deterministic model uses reserves proportional to the wind energy forecast to mitigate the effect of the uncertainty in wind energy, whereas the stochastic programming model makes the day-ahead decisions  ...  A stochastic programming model and a deterministic model with reserves are formulated to investigate the hourly unit commitment and economic dispatch in the power system as well as the hourly working schedule  ...  However, our proposed deterministic model with reserves is a different and more practical model, where reserves are added in the day ahead market, and there is no guarantee that the stochastic programming  ... 
doi:10.1016/j.ijepes.2018.12.047 fatcat:uouogor6lrdvjlqzsdbnxvcxna

Robust optimization for day-ahead market participation of smart-home aggregators

Carlos Adrian Correa-Florez, Andrea Michiorri, Georges Kariniotakis
2018 Applied Energy  
For bidding purposes in day-ahead and real-time markets, reference [17] proposes a hybrid stochastic/robust  ...  This paper proposes an optimization model to participate in day-ahead energy markets when PV generation, thermal and electro-chemical storage devices are aggregated at the residential level.  ...  Acknowledgements This work was carried out as part of the innovation project SENSIBLE (Storage ENabled Sus-taInable energy for BuiLdings and communitiEs, which has received  ... 
doi:10.1016/j.apenergy.2018.07.120 fatcat:4wewendsrzazzczvsbepf543pu

Development of a Cost Effective Power Generation System: An Overview

Shiv Prakash Bihari, Yogita Kumari, Bhupender Sehgal, R.N. Chaubey, Anmol Gupta
2016 Indonesian Journal of Electrical Engineering and Informatics (IJEEI)  
Development of model for trading power in competitive electricity market and development of strategies for trading in electricity markets (wind energy and reserves markets) to investigate the effects of  ...  This work motivates for development of a model for hybrid system to investigate the combined operation of wind's stochastic nature for imbalance minimization and optimal operation.  ...  Authors are thankful to lovely kids: Sujata Chaubey, Siddhant Vardhan and Vishakha Chaubey for providing emotional happiness and undefined encouragement to complete this manuscript in its present shape  ... 
doi:10.11591/ijeei.v4i1.194 fatcat:tgpxx4xc5jb2xkft442sal23oa

Research on the Dispatch Model of Power Systems with Wind Power and Pumped Storage Station

Bo Yuan, Yawu Zhang, Jin Zong, Shengyu Wu, Han Huang, Lu Cheng
2017 Journal of Clean Energy Technologies  
This paper proposed a two-stage coordinated generation dispatch model for this kind of system, which is consisted of day-ahead dispatch and hour-ahead dispatch.  ...  The research has the guideline significances in determining the dispatch schemes for the systems with wind power and pumped storage, as well in planning pumped storage capacity.  ...  In [6] , the market environment was considered and a methodology is presented to obtain the optimal bids for the wind farm owners in the day-ahead market.  ... 
doi:10.18178/jocet.2017.5.2.351 fatcat:ygrzqftsgzftvaxlapwerxxn64

Stochastic Optimization for Unit Commitment—A Review

Qipeng P. Zheng, Jianhui Wang, Andrew L. Liu
2015 IEEE Transactions on Power Systems  
Optimization models have been widely used in the power industry to aid the decision-making process of scheduling and dispatching electric power generation resources, a process known as unit commitment  ...  Since the literature has grown rapidly in the past several years, this paper is to review the works that have contributed to the modeling and computational aspects of stochastic optimization (SO) based  ...  In a deregulated electricity market, UC is often used by the independent system operators (ISOs) for day-ahead market clearing, reliability assessment, and intra-day operations.  ... 
doi:10.1109/tpwrs.2014.2355204 fatcat:5hyp3avcszdzhhq43qzfkhd5ra

Uncertainty in Unit Commitment in Power Systems: A Review of Models, Methods, and Applications

Ying-Yi Hong, Gerard Francesco D. G. Apolinario
2021 Energies  
Uncertainty management in a UCP has been of great interest to both operators and researchers.  ...  The unit commitment problem (UCP) is one of the key and fundamental concerns in the operation, monitoring, and control of power systems.  ...  Wind Power Demand [64]  A new approach for reserve scheduling and joint energy and reserve scheduling and unit commitment under reliability constraints for the day -ahead market is provided.  The proposed  ... 
doi:10.3390/en14206658 fatcat:7y6v7oofbzho7clkn5uyybzdq4
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