IDEAS home Printed from https://ideas.repec.org/a/eee/energy/v293y2024ics0360544224003967.html
   My bibliography  Save this article

Declaration strategy of wind power and pumped storage participating in the power market considering multiple uncertainties

Author

Listed:
  • Li, Hongze
  • Li, Xumeng
  • Zhang, Yuanyuan
  • Zhao, Yihang
  • Pan, Jiaqi
  • Zhao, Huiru

Abstract

Wind power and pumped storage combined system (WPCS), as an entity integrates multiple energy sources, can provide a reliable overall power supply by optimizing the management of available resources, helping to combat the serious climate change challenges. In order to address the participation of combination system in multiple market operations and multiple uncertainties, this paper proposes a joint declaration strategy for WPCS to participate in the electricity market (EM) and frequency regulation market (FRM). Firstly, the trading mechanism is developed for WPCS to collaborate in power markets. Secondly, a joint declaration and dispatching strategy decision-making model of WPCS is constructed, and the uncertainty of market prices and wind power output in the model is processed by using the information gap decision theory-distribution robust optimization (IGDT-DRO) technique. Finally, simulations implemented on an actual WPCS are delivered to show that: 1) WPCS achieved an expected profit by 8.79% and decrease deviation penalty costs by 58.81% through multi energy complementary operation. 2) Compared with the single market, WPCS can increase the expected profit by 77.5% in the joint declaration of multi-markets.3) IGDT-DRO technology can simultaneously manage the uncertainty of both price and electricity. When the sample size increases tenfold, the runtime increases by less than 40%, which has advantages in data-driven and stable runtime.

Suggested Citation

  • Li, Hongze & Li, Xumeng & Zhang, Yuanyuan & Zhao, Yihang & Pan, Jiaqi & Zhao, Huiru, 2024. "Declaration strategy of wind power and pumped storage participating in the power market considering multiple uncertainties," Energy, Elsevier, vol. 293(C).
    • Handle: RePEc:eee:energy:v:293:y:2024:i:c:s0360544224003967
    DOI: 10.1016/j.energy.2024.130624
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0360544224003967
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.energy.2024.130624?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. Mu, Yunfei & Wang, Congshan & Cao, Yan & Jia, Hongjie & Zhang, Qingzhu & Yu, Xiaodan, 2022. "A CVaR-based risk assessment method for park-level integrated energy system considering the uncertainties and correlation of energy prices," Energy, Elsevier, vol. 247(C).
    2. Boroumandfar, Gholamreza & Khajehzadeh, Alimorad & Eslami, Mahdiyeh & Syah, Rahmad B.Y., 2023. "Information gap decision theory with risk aversion strategy for robust planning of hybrid photovoltaic/wind/battery storage system in distribution networks considering uncertainty," Energy, Elsevier, vol. 278(PA).
    3. Chen, Changming & Zhu, Yongqing & Zhang, Tianhan & Li, Qingsheng & Li, Zhen & Liang, Hongle & Liu, Chang & Ma, Yuanqian & Lin, Zhenzhi & Yang, Li, 2023. "Two-stage multiple cooperative games-based joint planning for shared energy storage provider and local integrated energy systems," Energy, Elsevier, vol. 284(C).
    4. Lin, Boqiang & Huang, Chenchen, 2023. "Promoting variable renewable energy integration: The moderating effect of digitalization," Applied Energy, Elsevier, vol. 337(C).
    5. Hua Li & Hongwei Zheng & Bowen Zhou & Guangdi Li & Bo Yang & Bo Hu & Min Ma, 2022. "Two-Part Tariff of Pumped Storage Power Plants for Wind Power Accommodation," Sustainability, MDPI, vol. 14(9), pages 1-18, May.
    6. Tostado-Véliz, Marcos & Kamel, Salah & Aymen, Flah & Rezaee Jordehi, Ahmad & Jurado, Francisco, 2022. "A Stochastic-IGDT model for energy management in isolated microgrids considering failures and demand response," Applied Energy, Elsevier, vol. 317(C).
    7. He, YongXiu & Liu, Yang & Li, MoXing & Zhang, Yan, 2022. "Benefit evaluation and mechanism design of pumped storage plants under the background of power market reform - A case study of China," Renewable Energy, Elsevier, vol. 191(C), pages 796-806.
    8. Liu, Yuan & Ji, Changming & Wang, Yi & Zhang, Yanke & Jiang, Zhiqiang & Ma, Qiumei & Hou, Xiaoning, 2023. "Effect of the quality of streamflow forecasts on the operation of cascade hydropower stations using stochastic optimization models," Energy, Elsevier, vol. 273(C).
    9. Wu, Chuantao & Lin, Xiangning & Sui, Quan & Wang, Zhixun & Feng, Zhongnan & Li, Zhengtian, 2021. "Two-stage self-scheduling of battery swapping station in day-ahead energy and frequency regulation markets," Applied Energy, Elsevier, vol. 283(C).
    10. Cosgrove, Paul & Roulstone, Tony & Zachary, Stan, 2023. "Intermittency and periodicity in net-zero renewable energy systems with storage," Renewable Energy, Elsevier, vol. 212(C), pages 299-307.
    11. Yuanyuan, Zhang & Huiru, Zhao & Bingkang, Li, 2023. "Distributionally robust comprehensive declaration strategy of virtual power plant participating in the power market considering flexible ramping product and uncertainties," Applied Energy, Elsevier, vol. 343(C).
    12. Zheng, Lingwei & Zhou, Xingqiu & Qiu, Qi & Yang, Lan, 2020. "Day-ahead optimal dispatch of an integrated energy system considering time-frequency characteristics of renewable energy source output," Energy, Elsevier, vol. 209(C).
    13. Liu, Tianye & Yang, Zhen & Duan, Yuanyuan, 2023. "Short- and long-duration cooperative energy storage system: Optimizing sizing and comparing rule-based strategies," Energy, Elsevier, vol. 281(C).
    14. Adams, Samuel & Klobodu, Edem Kwame Mensah & Apio, Alfred, 2018. "Renewable and non-renewable energy, regime type and economic growth," Renewable Energy, Elsevier, vol. 125(C), pages 755-767.
    15. Jiao, P.H. & Chen, J.J. & Cai, X. & Wang, L.L. & Zhao, Y.L. & Zhang, X.H. & Chen, W.G., 2021. "Joint active and reactive for allocation of renewable energy and energy storage under uncertain coupling," Applied Energy, Elsevier, vol. 302(C).
    16. Wang, Yuwei & Yang, Yuanjuan & Fei, Haoran & Song, Minghao & Jia, Mengyao, 2022. "Wasserstein and multivariate linear affine based distributionally robust optimization for CCHP-P2G scheduling considering multiple uncertainties," Applied Energy, Elsevier, vol. 306(PA).
    17. Zhang, M.Y. & Chen, J.J. & Yang, Z.J. & Peng, K. & Zhao, Y.L. & Zhang, X.H., 2021. "Stochastic day-ahead scheduling of irrigation system integrated agricultural microgrid with pumped storage and uncertain wind power," Energy, Elsevier, vol. 237(C).
    18. Vahid-Ghavidel, Morteza & Shafie-khah, Miadreza & Javadi, Mohammad S. & Santos, Sérgio F. & Gough, Matthew & Quijano, Darwin A. & Catalao, Joao P.S., 2023. "Hybrid IGDT-stochastic self-scheduling of a distributed energy resources aggregator in a multi-energy system," Energy, Elsevier, vol. 265(C).
    19. Li, Yanbin & Zhang, Feng & Li, Yun & Wang, Yuwei, 2021. "An improved two-stage robust optimization model for CCHP-P2G microgrid system considering multi-energy operation under wind power outputs uncertainties," Energy, Elsevier, vol. 223(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. Gao, Chong & Lin, Junjie & Zeng, Jianfeng & Han, Fengwu, 2022. "Wind-photovoltaic co-generation prediction and energy scheduling of low-carbon complex regional integrated energy system with hydrogen industry chain based on copula-MILP," Applied Energy, Elsevier, vol. 328(C).
    2. Wang, Yuwei & Song, Minghao & Jia, Mengyao & Shi, Lin & Li, Bingkang, 2023. "TimeGAN based distributionally robust optimization for biomass-photovoltaic-hydrogen scheduling under source-load-market uncertainties," Energy, Elsevier, vol. 284(C).
    3. Li, Bingkang & Zhao, Huiru & Wang, Xuejie & Zhao, Yihang & Zhang, Yuanyuan & Lu, Hao & Wang, Yuwei, 2022. "Distributionally robust offering strategy of the aggregator integrating renewable energy generator and energy storage considering uncertainty and connections between the mid-to-long-term and spot elec," Renewable Energy, Elsevier, vol. 201(P1), pages 400-417.
    4. Shahbazbegian, Vahid & Shafie-khah, Miadreza & Laaksonen, Hannu & Strbac, Goran & Ameli, Hossein, 2023. "Resilience-oriented operation of microgrids in the presence of power-to-hydrogen systems," Applied Energy, Elsevier, vol. 348(C).
    5. Yuanyuan, Zhang & Huiru, Zhao & Bingkang, Li, 2023. "Distributionally robust comprehensive declaration strategy of virtual power plant participating in the power market considering flexible ramping product and uncertainties," Applied Energy, Elsevier, vol. 343(C).
    6. Qiu, Haifeng & Vinod, Ashwin & Lu, Shuai & Gooi, Hoay Beng & Pan, Guangsheng & Zhang, Suhan & Veerasamy, Veerapandiyan, 2023. "Decentralized mixed-integer optimization for robust integrated electricity and heat scheduling," Applied Energy, Elsevier, vol. 350(C).
    7. Wu, Qunli & Li, Chunxiang, 2023. "Modeling and operation optimization of hydrogen-based integrated energy system with refined power-to-gas and carbon-capture-storage technologies under carbon trading," Energy, Elsevier, vol. 270(C).
    8. Tostado-Véliz, Marcos & Liang, Yingqi & Hasanien, Hany M. & Turky, Rania A. & Martínez-Moreno, Juan & Jurado, Francisco, 2023. "Robust optimal coordination of active distribution networks and energy communities with high penetration of renewables," Renewable Energy, Elsevier, vol. 218(C).
    9. Yanbin Li & Yanting Sun & Yulin Kang & Feng Zhang & Junjie Zhang, 2023. "An Optimal Site Selection Framework for Near-Zero Carbon Emission Power Plants Based on Multiple Stakeholders," Energies, MDPI, vol. 16(2), pages 1-26, January.
    10. Sun, Qie & Fu, Yu & Lin, Haiyang & Wennersten, Ronald, 2022. "A novel integrated stochastic programming-information gap decision theory (IGDT) approach for optimization of integrated energy systems (IESs) with multiple uncertainties," Applied Energy, Elsevier, vol. 314(C).
    11. Fan, Wei & Tan, Zhongfu & Li, Fanqi & Zhang, Amin & Ju, Liwei & Wang, Yuwei & De, Gejirifu, 2023. "A two-stage optimal scheduling model of integrated energy system based on CVaR theory implementing integrated demand response," Energy, Elsevier, vol. 263(PC).
    12. 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).
    13. Konstantina Peloriadi & Petros Iliadis & Panagiotis Boutikos & Konstantinos Atsonios & Panagiotis Grammelis & Aristeidis Nikolopoulos, 2022. "Technoeconomic Assessment of LNG-Fueled Solid Oxide Fuel Cells in Small Island Systems: The Patmos Island Case Study," Energies, MDPI, vol. 15(11), pages 1-20, May.
    14. Ahmadi, Seyed Ehsan & Sadeghi, Delnia & Marzband, Mousa & Abusorrah, Abdullah & Sedraoui, Khaled, 2022. "Decentralized bi-level stochastic optimization approach for multi-agent multi-energy networked micro-grids with multi-energy storage technologies," Energy, Elsevier, vol. 245(C).
    15. Kun Wang & Bing Chen & Yuhong Li, 2024. "Technological, process or managerial innovation? How does digital transformation affect green innovation in industrial enterprises?," Economic Change and Restructuring, Springer, vol. 57(1), pages 1-32, February.
    16. Gao, Yang & Ai, Qian & He, Xing & Fan, Songli, 2023. "Coordination for regional integrated energy system through target cascade optimization," Energy, Elsevier, vol. 276(C).
    17. Tan, Bifei & Chen, Simin & Liang, Zipeng & Zheng, Xiaodong & Zhu, Yanjin & Chen, Haoyong, 2024. "An iteration-free hierarchical method for the energy management of multiple-microgrid systems with renewable energy sources and electric vehicles," Applied Energy, Elsevier, vol. 356(C).
    18. Akan, Taner & Gündüz, Halil İbrahim & Emirmahmutoğlu, Furkan & Işık, Ali Haydar, 2023. "Disaggregating renewable energy-growth nexus: W-ARDL and W-Toda-Yamamoto approaches," Renewable and Sustainable Energy Reviews, Elsevier, vol. 188(C).
    19. Li, J.Y. & Chen, J.J. & Wang, Y.X. & Chen, W.G., 2024. "Combining multi-step reconfiguration with many-objective reduction as iterative bi-level scheduling for stochastic distribution network," Energy, Elsevier, vol. 290(C).
    20. Xiao, Dongliang & Lin, Zhenjia & Chen, Haoyong & Hua, Weiqi & Yan, Jinyue, 2024. "Windfall profit-aware stochastic scheduling strategy for industrial virtual power plant with integrated risk-seeking/averse preferences," Applied Energy, Elsevier, vol. 357(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:293:y:2024:i:c:s0360544224003967. 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.