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Scenario-oriented multi-area joint market clearing of energy and reserve under uncertainty

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  • Shi, Jiantao
  • Guo, Ye
  • Wu, Wenchuan
  • Sun, Hongbin

Abstract

The increasing uncertain renewable generations throughout the entire interconnection call for a tighter coordination of different local system operators (SOs) beyond their independent operations. In this paper, the multi-area joint market clearing of energy and reserve is studied on the basis of Generalized Coordinated Transaction Scheduling (GCTS), which can achieve the optimal dispatch asymptotically with interface bids from market participants. In the proposed model, possible outages and load/renewable forecast errors in the interconnection are modeled as several non-base scenarios in addition to the nominal operation, while nominal energy interchange and reserve coordination for possible non-base scenarios between different areas are endogenously scheduled by procuring energy/reserve interface bids between their boundary buses, leading to the minimized expected market cost among all areas. Based on the proposed model, marginal prices of internal energy, reserve, and external energy/reserve interface bids are derived. Using these prices, internal resources are settled by the corresponding local SO, while external interface bids are jointly settled by all SOs and the tie-line operator (TO). We prove that in expectation, the merchandise surplus of (i) any local SO and (ii) the TO is equal to the congestion rent of (i) internal lines and (ii) tie-lines, respectively. Meanwhile, incentive compatibilities of market participants are also guaranteed. These findings are validated in numerical simulations.

Suggested Citation

  • Shi, Jiantao & Guo, Ye & Wu, Wenchuan & Sun, Hongbin, 2024. "Scenario-oriented multi-area joint market clearing of energy and reserve under uncertainty," Applied Energy, Elsevier, vol. 361(C).
    • Handle: RePEc:eee:appene:v:361:y:2024:i:c:s0306261924002563
    DOI: 10.1016/j.apenergy.2024.122873
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    References listed on IDEAS

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    1. Cho, Jehum & Papavasiliou, Anthony, 2022. "A Branch-and-Cut Algorithm for Chance-Constrained Multi-Area Reserve Sizing," LIDAM Discussion Papers CORE 2022018, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    2. Yin, Linfei & Sun, Zhixiang, 2021. "Multi-layer distributed multi-objective consensus algorithm for multi-objective economic dispatch of large-scale multi-area interconnected power systems," Applied Energy, Elsevier, vol. 300(C).
    3. Rafael Finck, 2021. "Impact of Flow Based Market Coupling on the European Electricity Markets," Sustainability Nexus Forum, Springer, vol. 29(2), pages 173-186, June.
    4. Ye, Lin & Jin, Yifei & Wang, Kaifeng & Chen, Wei & Wang, Fei & Dai, Binhua, 2023. "A multi-area intra-day dispatch strategy for power systems under high share of renewable energy with power support capacity assessment," Applied Energy, Elsevier, vol. 351(C).
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