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Advanced bidding strategy for participation of energy storage systems in joint energy and flexible ramping product market

Khoshjahan, M ; Sharif University of Technology | 2020

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  1. Type of Document: Article
  2. DOI: 10.1049/iet-gtd.2020.0224
  3. Publisher: Institution of Engineering and Technology , 2020
  4. Abstract:
  5. Recently, power system operators have initiated procurement of a new service in electricity markets named flexibleramping product (FRP). With the main goal of enhancing the grid flexibility, this product can provide a remarkable opportunity foran enhanced short-term profitability. Energy storage systems (ESSs) with high ramping capability can leverage their profitabilitywhen properly participating in this market. This study introduces a stochastic optimisation framework for participation of ESSs inthe FRP market. The proposed model formulates the optimal bidding strategy of ESSs considering the real-time energy, flexibleramp-up and ramp-down marginal price signals and the associated uncertainties. In addition, as the market participants cannotdirectly submit bids for the FRP, the corresponding energy bidding adjustments required to award the proper FRP amounts areelaborated. The mathematical model is linearised and its application in real-time market is investigated. The proposedframework is numerically analysed through which its effectiveness on enhancing the ESS profitability in the real-time electricitymarkets is verified. © 2020 The Institution of Engineering and Technology
  6. Keywords:
  7. Electric energy storage ; Optimization ; Profitability ; Stochastic systems ; Bidding strategy ; Energy Storage Systems (ESSs) ; Market participants ; Optimal bidding strategy ; Power system operators ; Real-time market ; Stochastic optimisation ; Commerce
  8. Source: IET Generation, Transmission and Distribution ; Volume 14, Issue 22 , November , 2020 , Pages 5202-5210
  9. URL: https://digital-library.theiet.org/content/journals/10.1049/iet-gtd.2020.0224