Related papers: Valuation of electricity storage contracts using t…
Electricity storage systems (ESS) are hailed by many scholars and practitioners as a key element of the future electricity systems and a key step toward the transition to renewables . Nonetheless, the global speed of ESS implementation is…
The increase of renewables in the grid and the volatility of the load create uncertainties in the day-ahead prices of electricity markets. Adaptive robust optimization (ARO) and stochastic optimization have been used to make commitment and…
Electricity price forecasting supports decision-making in energy markets and asset operation. Probabilistic forecasts are increasingly adopted to explicitly quantify uncertainty, typically issued as quantile predictions or ensembles of the…
The accurate prediction of short-term electricity prices is vital for effective trading strategies, power plant scheduling, profit maximisation and efficient system operation. However, uncertainties in supply and demand make such…
In order to foster renewable energy integration, improve power quality and reliability, and reduce hydrocarbon emissions, there is a strong need to deploy energy storage systems (ESSs), which can provide a control medium for peak hour…
We analyze the potential benefits that energy storage systems (ESS) can bring to distribution networks in terms of cost, stability and flexibility. We propose an optimization model for the optimal sizing, siting, and operation of storage…
We present new formulations of the stochastic electricity market clearing problem based on the principles of stochastic programming. Previous analyses have established that the canonical stochastic programming model effectively captures the…
This paper compares the participation of Renewable-only Virtual Power Plants (RVPPs) and grid-scale Electrical Storage Systems (ESSs) in energy and reserve markets, evaluating their technical performance, market strategies, and economic…
As a critical component of modern infrastructure, data centers account for a huge amount of power consumption and greenhouse gas emission. This paper studies the electricity purchase strategy for a data center to lower its energy cost while…
At the ultra high frequency level, the notion of price of an asset is very ambiguous. Indeed, many different prices can be defined (last traded price, best bid price, mid price,...). Thus, in practice, market participants face the problem…
Owing to the potential higher energy supply efficiency and operation flexibility, integrated energy system (IES), which usually includes electric power, gas and heating/cooling systems, is considered as one of the primary forms of energy…
Electric vehicle (EV) charging stations have experienced rapid growth, whose impacts on the power grid have become non-negligible. Though charging stations can install energy storage to reduce their impacts on the grid, the conventional…
Large scale renewable energy integration is being planned for multiple power grids around the world. To achieve secure and stable grid operations, additional resources/reserves are needed to mitigate the inherent intermittency of renewable…
Distributed, controllable energy storage devices offer several benefits to electric power system operation. Three such benefits include reducing peak load, providing standby power, and enhancing power quality. These benefits, however, are…
Battery Energy Storage Systems (BESS) are a cornerstone of the energy transition, as their ability to shift electricity across time enables both grid stability and the integration of renewable generation. This paper investigates the…
Forecasting electricity prices is a challenging task and an active area of research since the 1990s and the deregulation of the traditionally monopolistic and government-controlled power sectors. Although it aims at predicting both spot and…
The evolution of smart microgrid and its demand-response characteristics not only will change the paradigms of the century-old electric grid but also will shape the electricity market. In this new market scenario, once always energy…
This paper evaluates how the planning of a community energy storage (CES) system under different energy trading schemes (ETSs) can benefit low voltage (LV) prosumers and the CES provider equitably. First, we consider an ETS where the CES…
Electricity markets are under increasing pressure to maintain reliability amidst rising renewable penetration, demand variability, and occasional price shocks. Traditional capacity market designs often fall short in addressing this by…
Increased penetration of wind energy will make electricity market prices more volatile. As a result, market participants will bear increased financial risks, which impact investment decisions and in turn, makes it harder to achieve…