IDEAS home Printed from https://ideas.repec.org/a/eee/energy/v280y2023ics0360544223014974.html
   My bibliography  Save this article

Stochastic trading of storage systems in short term electricity markets considering intraday demand response market

Author

Listed:
  • Lau, Jat-Syu
  • Jiang, Yihuo
  • Li, Ziyuan
  • Qian, Qian

Abstract

In recent years, the renewable energy sources are used in the power system for reducing environmental pollution. One of these renewable energy sources is wind farm that is used widely. However, they increase the uncertainty of the power system. To solve this problem, plenty researches have proposed several methods that have some disadvantages. This paper tries to decline the effects of uncertainty of wind turbines by using of the energy storage systems and optimal demand response programs. A stochastic planning of energy storage systems and wind generation are presented in the short term electricity markets considering the trading day-head and intraday market of demand response. In order to formulate an accurate model of various components of system, all needed constraints are considered. In this problem, wind turbines, energy storage systems, and demand response aggregator work coordinately that is called virtual power plant. For better comparison, two states consist of coordinated and uncoordinated working of all components are considered and assessed. The various scenarios for electricity market price, adjustment market price, imbalance energy price, and the generated power of wind turbine are considered. These scenarios are generated with hybrid neural network and coati optimization algorithm. Also, the iterative fast progressive Kantorovich method is used for scenario reduction. The results show the better response of the proposed method in optimal operation of virtual power plant.

Suggested Citation

  • Lau, Jat-Syu & Jiang, Yihuo & Li, Ziyuan & Qian, Qian, 2023. "Stochastic trading of storage systems in short term electricity markets considering intraday demand response market," Energy, Elsevier, vol. 280(C).
  • Handle: RePEc:eee:energy:v:280:y:2023:i:c:s0360544223014974
    DOI: 10.1016/j.energy.2023.128103
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0360544223014974
    Download Restriction: Full text for ScienceDirect subscribers only

    File URL: https://libkey.io/10.1016/j.energy.2023.128103?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Ahmadpour, Ali & Mokaramian, Elham & Anderson, Simon, 2021. "The effects of the renewable energies penetration on the surplus welfare under energy policy," Renewable Energy, Elsevier, vol. 164(C), pages 1171-1182.
    2. Guo, Jiacheng & Zhang, Peiwen & Wu, Di & Liu, Zhijian & Liu, Xuan & Zhang, Shicong & Yang, Xinyan & Ge, Hua, 2022. "Multi-objective optimization design and multi-attribute decision-making method of a distributed energy system based on nearly zero-energy community load forecasting," Energy, Elsevier, vol. 239(PC).
    3. Huang, Shoujun & Abedinia, Oveis, 2021. "Investigation in economic analysis of microgrids based on renewable energy uncertainty and demand response in the electricity market," Energy, Elsevier, vol. 225(C).
    4. Bhuiyan, Erphan A. & Hossain, Md. Zahid & Muyeen, S.M. & Fahim, Shahriar Rahman & Sarker, Subrata K. & Das, Sajal K., 2021. "Towards next generation virtual power plant: Technology review and frameworks," Renewable and Sustainable Energy Reviews, Elsevier, vol. 150(C).
    5. Shafiekhani, Morteza & Ahmadi, Abdollah & Homaee, Omid & Shafie-khah, Miadreza & Catalão, João P.S., 2022. "Optimal bidding strategy of a renewable-based virtual power plant including wind and solar units and dispatchable loads," Energy, Elsevier, vol. 239(PD).
    6. Juan C. Sarmiento-Vintimilla & Esther Torres & Dunixe Marene Larruskain & María José Pérez-Molina, 2022. "Applications, Operational Architectures and Development of Virtual Power Plants as a Strategy to Facilitate the Integration of Distributed Energy Resources," Energies, MDPI, vol. 15(3), pages 1-28, January.
    7. Fan, Linyuan & Ji, Dandan & Lin, Geng & Lin, Peng & Liu, Lixi, 2023. "Information gap-based multi-objective optimization of a virtual energy hub plant considering a developed demand response model," Energy, Elsevier, vol. 276(C).
    8. Tan, Caixia & Wang, Jing & Geng, Shiping & Pu, Lei & Tan, Zhongfu, 2021. "Three-level market optimization model of virtual power plant with carbon capture equipment considering copula–CVaR theory," Energy, Elsevier, vol. 237(C).
    9. Mohamed El-Hendawi & Zhanle Wang & Xiaoyue Liu, 2022. "Centralized and Distributed Optimization for Vehicle-to-Grid Applications in Frequency Regulation," Energies, MDPI, vol. 15(12), pages 1-22, June.
    10. Oveis Abedinia & Mehdi Bagheri, 2021. "Power Distribution Optimization Based on Demand Respond with Improved Multi-Objective Algorithm in Power System Planning," Energies, MDPI, vol. 14(10), pages 1-18, May.
    11. Li, Lei & Yin, Xiao-Li & Jia, Xin-Chun & Sobhani, Behrooz, 2020. "Day ahead powerful probabilistic wind power forecast using combined intelligent structure and fuzzy clustering algorithm," Energy, Elsevier, vol. 192(C).
    12. Lin, Wen-Ting & Chen, Guo & Zhou, Xiaojun, 2022. "Distributed carbon-aware energy trading of virtual power plant under denial of service attacks: A passivity-based neurodynamic approach," Energy, Elsevier, vol. 257(C).
    13. Zhang, Tairan & Sobhani, Behrouz, 2023. "Optimal economic programming of an energy hub in the power system while taking into account the uncertainty of renewable resources, risk-taking and electric vehicles using a developed routing method," Energy, Elsevier, vol. 271(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Zhao, Kaifang & Qiu, Kai & Yan, Jian & Shaker, Mir Pasha, 2023. "Technical and economic operation of VPPs based on competitive bi–level negotiations," Energy, Elsevier, vol. 282(C).
    2. Yang, Chengying & Wu, Zhixin & Li, Xuetao & Fars, Ashk, 2024. "Risk-constrained stochastic scheduling for energy hub: Integrating renewables, demand response, and electric vehicles," Energy, Elsevier, vol. 288(C).
    3. Mei, Shufan & Tan, Qinliang & Liu, Yuan & Trivedi, Anupam & Srinivasan, Dipti, 2023. "Optimal bidding strategy for virtual power plant participating in combined electricity and ancillary services market considering dynamic demand response price and integrated consumption satisfaction," Energy, Elsevier, vol. 284(C).
    4. Xie, Haonan & Ahmad, Tanveer & Zhang, Dongdong & Goh, Hui Hwang & Wu, Thomas, 2024. "Community-based virtual power plants’ technology and circular economy models in the energy sector: A Techno-economy study," Renewable and Sustainable Energy Reviews, Elsevier, vol. 192(C).
    5. Wang, Fei & Lu, Xiaoxing & Chang, Xiqiang & Cao, Xin & Yan, Siqing & Li, Kangping & Duić, Neven & Shafie-khah, Miadreza & Catalão, João P.S., 2022. "Household profile identification for behavioral demand response: A semi-supervised learning approach using smart meter data," Energy, Elsevier, vol. 238(PB).
    6. Bianca Goia & Tudor Cioara & Ionut Anghel, 2022. "Virtual Power Plant Optimization in Smart Grids: A Narrative Review," Future Internet, MDPI, vol. 14(5), pages 1-22, April.
    7. Liu, Xin & Li, Yang & Wang, Li & Tang, Junbo & Qiu, Haifeng & Berizzi, Alberto & Valentin, Ilea & Gao, Ciwei, 2024. "Dynamic aggregation strategy for a virtual power plant to improve flexible regulation ability," Energy, Elsevier, vol. 297(C).
    8. Wang, Jian & Ilea, Valentin & Bovo, Cristian & Xie, Ning & Wang, Yong, 2023. "Optimal self-scheduling for a multi-energy virtual power plant providing energy and reserve services under a holistic market framework," Energy, Elsevier, vol. 278(PB).
    9. Ma, Jinpeng & Wu, Shengbin & Raad, Erfan Ahli, 2023. "Renewable source uncertainties effects in multi-carrier microgrids based on an intelligent algorithm," Energy, Elsevier, vol. 265(C).
    10. Guo, Tianyu & Guo, Qi & Huang, Libin & Guo, Haiping & Lu, Yuanhong & Tu, Liang, 2023. "Microgrid source-network-load-storage master-slave game optimization method considering the energy storage overcharge/overdischarge risk," Energy, Elsevier, vol. 282(C).
    11. Zhihan Shi & Weisong Han & Guangming Zhang & Zhiqing Bai & Mingxiang Zhu & Xiaodong Lv, 2022. "Research on Low-Carbon Energy Sharing through the Alliance of Integrated Energy Systems with Multiple Uncertainties," Energies, MDPI, vol. 15(24), pages 1-20, December.
    12. Yang, Mao & Wang, Da & Xu, Chuanyu & Dai, Bozhi & Ma, Miaomiao & Su, Xin, 2023. "Power transfer characteristics in fluctuation partition algorithm for wind speed and its application to wind power forecasting," Renewable Energy, Elsevier, vol. 211(C), pages 582-594.
    13. Wei Chen & Yongle Tian & Kaiming Zheng & Nana Wan, 2023. "Influences of mechanisms on investment in renewable energy storage equipment," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(11), pages 12569-12595, November.
    14. Ewelina Kochanek, 2021. "Evaluation of Energy Transition Scenarios in Poland," Energies, MDPI, vol. 14(19), pages 1-13, September.
    15. Dong, Weijie & He, Guoqing & Cui, Quansheng & Sun, Wenwen & Hu, Zhenlong & Ahli raad, Erfan, 2022. "Self-scheduling of a novel hybrid GTSOFC unit in day-ahead energy and spinning reserve markets within ancillary services using a novel energy storage," Energy, Elsevier, vol. 239(PE).
    16. Kaiyan Wang & Xueyan Wang & Rong Jia & Jian Dang & Yan Liang & Haodong Du, 2022. "Research on Coupled Cooperative Operation of Medium- and Long-Term and Spot Electricity Transaction for Multi-Energy System: A Case Study in China," Sustainability, MDPI, vol. 14(17), pages 1-20, August.
    17. Zhang, Tairan & Sobhani, Behrouz, 2023. "Optimal economic programming of an energy hub in the power system while taking into account the uncertainty of renewable resources, risk-taking and electric vehicles using a developed routing method," Energy, Elsevier, vol. 271(C).
    18. Siamak Hoseinzadeh & Daniele Groppi & Adriana Scarlet Sferra & Umberto Di Matteo & Davide Astiaso Garcia, 2022. "The PRISMI Plus Toolkit Application to a Grid-Connected Mediterranean Island," Energies, MDPI, vol. 15(22), pages 1-14, November.
    19. Ju, Liwei & Yin, Zhe & Lu, Xiaolong & Yang, Shenbo & Li, Peng & Rao, Rao & Tan, Zhongfu, 2022. "A Tri-dimensional Equilibrium-based stochastic optimal dispatching model for a novel virtual power plant incorporating carbon Capture, Power-to-Gas and electric vehicle aggregator," Applied Energy, Elsevier, vol. 324(C).
    20. Rusche, Simon & Weissflog., Jan & Wenninger, Simon & Häckel, Björn, 2023. "How flexible are energy flexibilities? Developing a flexibility score for revenue and risk analysis in industrial demand-side management," Applied Energy, Elsevier, vol. 345(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:energy:v:280:y:2023:i:c:s0360544223014974. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.journals.elsevier.com/energy .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.