Related papers: Reserve Requirements in Ancillary Markets Using Co…
This paper proposes a market mechanism for multi-interval electricity markets with generator and storage participants. Drawing ideas from supply function bidding, we introduce a novel bid structure for storage participation that allows…
High wind energy penetration critically challenges the economic dispatch of current and future power systems. Supply and demand must be balanced at every bus of the grid, while respecting transmission line ratings and accounting for the…
This study investigates the economic and reliability benefits of improved offshore wind forecasting for grid operations along the U.S. East Coast. We introduce and evaluate a state-of-the-art, machine-learning-based offshore wind…
Electricity storage is used for intertemporal price arbitrage and for ancillary services that balance unforeseen supply and demand fluctuations via frequency regulation. We present an optimization model that computes bids for both arbitrage…
To address the environmental concern and improve the economic efficiency, the wind power is rapidly integrated into smart grids. However, the inherent uncertainty of wind energy raises operational challenges. To ensure the cost-efficient,…
Keeping the balance between supply and demand is a fundamental task in power system operational planning practices. This task becomes particularly challenging due to the deepening penetration of renewable energy resources, which induces a…
This paper provides a detailed account of the impact of different offshore wind siting strategies on the design of the European power system. To this end, a two-stage method is proposed. In the first stage, a highly-granular siting problem…
Accurate power forecasting from renewable energy sources (RES) is crucial for integrating additional RES capacity into the power system and realizing sustainability goals. This work emphasizes the importance of integrating decentralized…
Uncertainty levels in forecasting of renewable generation and demand are known to affect the amount of reserve required to operate the power grid with a given level of reliability. In this paper, we quantify the effects on the system…
Incorporating the AC power flow equations into unit commitment models has the potential to avoid costly corrective actions required by less accurate power flow approximations. However, research on unit commitment with AC power flow…
This work proposes a method of wind farm scenario generation to support real-time optimization tools and presents key findings therein. This work draws upon work from the literature and presents an efficient and scalable method for…
Renewable energy sources such as wind and solar have received much attention in recent years and large amount of renewable generation is being integrated to the electricity networks. A fundamental challenge in power system operation is to…
Due to the limited predictability of wind power and other stochastic generation, trading this energy in competitive electricity markets is challenging. This paper derives revenue-maximising and risk-constrained strategies for stochastic…
We consider a two-stage market mechanism for trading electricity including renewable generation as an alternative to the widely used multi-settlement market structure. The two-stage market structure allows for recourse decisions by the…
High shares of variable renewable energy necessitate substantial energy storage capacity. However, it remains unclear how to design a market that, on the one hand, ensures a stable and sufficient income for storage firms, and, on the other…
Although the specific structures of electricity markets are diverse around the world, they were all conceived on the premise of predictable, controllable generation with nonnegligible marginal costs. Recent changes, specifically, the…
The output of renewable energy fluctuates significantly depending on weather conditions. We develop a unit commitment model to analyze requirements of the forecast output and its error for renewable energies. Our model obtains the time…
This paper proposes a coalitional game theory-based approach for reserve optimization to enable DERs participate in tertiary frequency regulation. A two-stage approach is proposed to effectively and precisely allocate spinning reserve…
This paper presents a stochastic optimization model for planning the participation of battery energy storage systems (BESSs) in energy and regulation markets. The proposed model quantifies and compares the business value of single and…
We propose a method, a model, and a form of presenting model results for condition monitoring of a small set of wind turbines with rare failures. The main new ingredient of the method is to sample failure thresholds according to the profit…