The interdependency of power systems and natural gas systems is being reinforced by the emerging power-to-gas facilities (PtGs), and the existing gas-fired generators. To jointly improve the efficiency and security under diverse uncertainties from renewable energy resources and load demands, it is essential to co-optimise these two energy systems for day-ahead market clearance. In this paper, a data-driven integrated electricity-gas system stochastic co-optimisation model is proposed. The model is accurately approximated by sequential mixed integer second-order cone programming, which can then be solved in parallel and decentralised manners by leveraging generalised Benders decomposition. Since the price formation and settlement issues have rarely been investigated for integrated electricity-gas systems in an uncertainty setting, a novel concept of expected locational marginal value is proposed to credit the flexibility of PtGs that helps hedging uncertainties. By comparing with a deterministic model and a distributionally robust model, the advantage of the proposed stochastic model and the efficiency of the proposed solution method are validated. Detailed results of pricing and settlement for PtGs are presented, showing that the expected locational marginal value can fairly credit the contribution of PtGs and reflect the system deficiency of capturing uncertainties.
This work presents a suite of two optimisation models for the short-term scheduling and redispatch of a virtual power plant (VPP) composed of a wind farm and a Li-ion battery, that participates in the day-ahead energy and secondary regulation reserve markets of the Iberian electricity market. First, a two-stage stochastic mixed-integer linear programming model is used to obtain the VPP's generation and reserve schedule and the opportunity cost of the energy stored in the battery. The model has an hourly resolution and a look-ahead period beyond the markets' scheduling horizon and considers the…
In this paper, we consider a future electricity market consisting of aggregated energy prosumers, who are equipped with local wind power plants (WPPs) to support (part of) their energy demands and can also trade energy with day-ahead market (DAM) and energy balancing market (EBM). In addition, an energy aggregator (EA) is established, who can provide the trading gateways between prosumers and the markets. The EA is responsible for making pricing strategies on the prosumers to influence their trading behaviours such that the social benefit of the prosumer community is improved. Specifically, tw…
The implementation of electricity markets based on locational marginal pricing in a multi-settlement process has allowed wholesale competition, with pricing mechanisms that incentivize the optimal allocation of generation, transmission, and demand-response resources. While efficiency and reliability gains have been achieved in the US at a regional level, the lack of adequate inter-regional coordination mechanisms has limited broader gains. The shortcomings of cross-border coordination of electricity markets become more apparent as the industry transitions towards higher penetration of renewabl…
Network constraints play a key role in the price finding mechanism for European Power Markets, but historical data is very sparse and usually insufficient for many quantitative applications. We reconstruct the constraints data, known as the Power Transmission Distribution Factors (PTDFs) and Remaining Available Margins (RAMs), by first recovering the underlying time dependent signals known as the Generation Shift Keys (GSKs) and Phase Angles (PAs), and the electricity grid characteristics, via a mathematical optimisation problem. This is solved by exploiting marginal convexity in certain subsp…
Modern market management systems continue to evolve due to the intentions to improve system security and reliability. This evolvement has been leading to a transition of market auction models from a deterministic structure with approximations on the reliability criteria (e.g., acquirement of contingency reserve through proxy reserve policies) to explicit representation of contingencies (e.g., estimation of post-contingency states via participation factors and stochastic programming). This paper proposes a comprehensive framework to establish various procedures for evaluating: (i) transparency …
This paper proposes and experimentally validates a joint control and scheduling framework for a grid-forming converter-interfaced BESS providing multiple services to the electrical grid. The framework is designed to dispatch the operation of a distribution feeder hosting heterogeneous prosumers according to a dispatch plan and provide frequency containment reserve and voltage control as additional services. The framework consists of three phases. In the day-ahead scheduling phase, a robust optimization problem is solved to compute the optimal dispatch plan and frequency droop coefficient, acco…
On BESS-Backed Trading on the Continuous Intraday Electricity Market
Karlsruhe Institute of Technology（卡尔斯鲁厄理工学院）；Delft University of Technology（代尔夫特理工大学）；Austrian Institute of Technology（奥地利技术研究所）；London Business School（伦敦商学院）；University of Oxford（牛津大学）
Battery Operations in Electricity Markets: Strategic Behavior and Distortions
Yale School of Management（耶鲁管理学院）；Columbia University, Graduate School of Business（哥伦比亚大学商学院）；Columbia University, Earth and Environmental Engineering（哥伦比亚大学地球与环境工程系）
