Publication
A robust model for aggregated bidding of energy storages and wind resources in the joint energy and reserve markets
| dc.contributor.author | Khojasteh, Meysam | |
| dc.contributor.author | Faria, Pedro | |
| dc.contributor.author | Vale, Zita | |
| dc.date.accessioned | 2023-02-01T10:20:16Z | |
| dc.date.available | 2023-02-01T10:20:16Z | |
| dc.date.issued | 2022 | |
| dc.description.abstract | The high reliability and flexibility of Battery Energy Storage (BES) resources in comparison with other renewable technologies promote the development of this technology in smart grids. The fast response of BES to load variations could help the power system operators to maintain the balance of generation and consumption in real-time, and improve the flexibility of the smart grid, effectively. In this work, a new model is presented that determines the aggregated scheduling of BES and Wind Power Resource (WPR) in the joint energy and reserve markets. To evaluate the performance of BES in different markets, the proposed model is divided into day-ahead and real-time planning horizons. According to market prices, ramp rates, marginal costs, and technical constraints of units, the optimal participation levels in different markets are determined. The deployed power in real-time and wind power are considered as the uncertain parameters and the Robust Optimization (RO) framework is proposed to manage the related financial risk based on the worst-case realizations of uncertain parameters. The robust strategy is formulated based on the Mixed Integer Linear Programming (MILP) technique, which can be solved via the branch-and-bound method. Finally, the performance and effectiveness of the model are analyzed via different case studies. Simulation results show that the day-ahead and real-time markets are the best options for buying and selling the energy of BESs, and participation in the reserve market and regulation service increases their profit, significantly. Furthermore, the expected profit greatly depends on the risk preferences of decision-makers, and reducing the variation interval of wind generation by 40 % leads to an increase of 74.65 % in revenues. | pt_PT |
| dc.description.sponsorship | The present work has received funding from the European Regional Development Fund (FEDER) through the Northern Regional Operational Program, under the PORTUGAL 2020 Partnership Agreement and the terms of the NORTE-45-2020-75 call - Support System for Scientific and Technological Research - "Structured R&D&I Projects" - Horizon Europe, within project RETINA (NORTE 01-0145-FEDER-000062), we also acknowledge the work facilities and equipment provided by GECAD research center (UIDB/ 00760/2020) to the project team. | pt_PT |
| dc.description.version | info:eu-repo/semantics/publishedVersion | pt_PT |
| dc.identifier.doi | 10.1016/j.energy.2021.121735 | pt_PT |
| dc.identifier.uri | http://hdl.handle.net/10400.22/22046 | |
| dc.language.iso | eng | pt_PT |
| dc.peerreviewed | yes | pt_PT |
| dc.publisher | Elsevier | pt_PT |
| dc.relation | NORTE-45-2020-75 | pt_PT |
| dc.relation | NORTE 01-0145-FEDER-000062 | pt_PT |
| dc.relation | UIDB/ 00760/2020 | pt_PT |
| dc.relation.publisherversion | https://www.sciencedirect.com/science/article/pii/S0360544221019836?via%3Dihub | pt_PT |
| dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/4.0/ | pt_PT |
| dc.subject | Battery energy storage | pt_PT |
| dc.subject | Energy market | pt_PT |
| dc.subject | Reserve market | pt_PT |
| dc.subject | Regulation service | pt_PT |
| dc.subject | Robust optimization | pt_PT |
| dc.subject | Uncertainty | pt_PT |
| dc.subject | Wind power | pt_PT |
| dc.title | A robust model for aggregated bidding of energy storages and wind resources in the joint energy and reserve markets | pt_PT |
| dc.type | journal article | |
| dspace.entity.type | Publication | |
| oaire.citation.startPage | 121735 | pt_PT |
| oaire.citation.title | Energy | pt_PT |
| oaire.citation.volume | 238 | pt_PT |
| person.familyName | Faria | |
| person.familyName | Vale | |
| person.givenName | Pedro | |
| person.givenName | Zita | |
| person.identifier | 632184 | |
| person.identifier.ciencia-id | B212-2309-F9C3 | |
| person.identifier.ciencia-id | 721B-B0EB-7141 | |
| person.identifier.orcid | 0000-0002-5982-8342 | |
| person.identifier.orcid | 0000-0002-4560-9544 | |
| person.identifier.rid | A-5824-2012 | |
| person.identifier.scopus-author-id | 7004115775 | |
| rcaap.rights | openAccess | pt_PT |
| rcaap.type | article | pt_PT |
| relation.isAuthorOfPublication | 35e6a4ab-f644-4bc5-b6fc-9fd89c23d6c6 | |
| relation.isAuthorOfPublication | ff1df02d-0c0f-4db1-bf7d-78863a99420b | |
| relation.isAuthorOfPublication.latestForDiscovery | 35e6a4ab-f644-4bc5-b6fc-9fd89c23d6c6 |