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Incentive-based demand response programs designed by asset-light retailers for day-ahead market
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Orientador(es)
Resumo(s)
Following the deregulation experience of retail electricity markets in most countries, the majority of the
new entrants of the liberalized retail market were pure REP (retail electricity providers). These entities
were subject to financial risks because of the unexpected price variations, price spikes, volatile loads and
the potential for market power exertion by GENCO (generation companies). A REP can manage the
market risks by employing the DR (demand response) programs and using its' generation and storage
assets at the distribution network to serve the customers. The proposed model suggests how a REP with
light physical assets, such as DG (distributed generation) units and ESS (energy storage systems), can
survive in a competitive retail market. The paper discusses the effective risk management strategies for
the REPs to deal with the uncertainties of the DAM (day-ahead market) and how to hedge the financial
losses in the market. A two-stage stochastic programming problem is formulated. It aims to establish the
financial incentive-based DR programs and the optimal dispatch of the DG units and ESSs. The uncertainty
of the forecasted day-ahead load demand and electricity price is also taken into account with a
scenario-based approach. The principal advantage of this model for REPs is reducing the risk of financial
losses in DAMs, and the main benefit for the whole system is market power mitigation by virtually
increasing the price elasticity of demand and reducing the peak demand.
Descrição
Palavras-chave
Demand response Electricity market Financial risk Market power Retail market Stochastic programming
Contexto Educativo
Citação
Editora
Elsevier