Related papers: The Value of Ancillary Services for Electrolyzers
With the increasing integration of power plants into the frequency-regulation markets, the importance of optimal trading has grown substantially. This paper conducts an in-depth analysis of their optimal trading behavior in sequential…
Ambitious renewable portfolio standards motivate the incorporation of energy storage resources (ESR) as sources of flexibility. While the United States government aims to promote ESR participation in electricity markets, work on market…
The ambitious targets for renewable energy penetration warrant huge flexibility in the power system. Such flexibility does not come free. In this paper, we examine the possibility of utilizing storage systems for achieving high renewable…
This study analyses the current viability of this business based on a sample of European countries in the year 2019; countries where electricity prices (day-ahead market) and financial conditions show a certain degree of heterogeneity. We…
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 consider the use of pricing as a regulatory mechanism when an unknown number of autonomous agents compete for access to a shared resource (possibly limited in volume or capacity). In standard dynamic pricing control systems, an…
Power-to-Hydrogen is crucial for the renewable energy transition, yet existing literature lacks business models for the significant excess heat it generates. This study addresses this by evaluating three models for selling…
Income- and price-elasticity of demand quantify the responsiveness of markets to changes in income, and in prices, respectively. Under the assumptions of utility maximization and preference-independence (additive preferences), mathematical…
We address the problem of improving bidders' strategies in prior-dependent revenue-maximizing auctions and introduce a simple and generic method to design novel bidding strategies if the seller uses past bids to optimize her mechanism. We…
This article considers the pricing and hedging of a call option when liquidity matters, that is, either for a large nominal or for an illiquid underlying asset. In practice, as opposed to the classical assumptions of a price-taking agent in…
Paper is based on "The cost of illiquidity and its effects on hedging", L. C. G. Rogers and Surbjeet Singh, 2010. We generalize its thesis to constant elasticity model, which own previously used Black-Schoels model as a special case. The…
Wind power generation supplying electrolyzers in islanded microgrids is an essential technical pathway for green hydrogen production, attracting growing attention in the transition towards net zero carbon emissions. Both academia and…
As the availability of weather-dependent, zero marginal cost resources such as wind and solar power increases, a variety of flexible electricity loads, or `demand sinks', could be deployed to use intermittently available low-cost…
Especially in regions with high solar irradiation, photocatalysis presents a promising low-cost "green" hydrogen production option. Thus, this paper analyzes impacts of increasing photocatalysis shares on the European energy system using an…
The power networks are evolving with increased active components such as energy storage and flexibility derived from loads such as electric vehicles, heat pumps, industrial processes, etc. Better models are needed to accurately represent…
As the popularity of electric vehicles increases, the demand for more power can increase more rapidly than our ability to install additional generating capacity. In the long term we expect that the supply and demand will become balanced.…
Some consumers, particularly households, are unwilling to face volatile electricity prices, and they can perceive as unfair price differentiation in the same local area. For these reasons, nodal prices in distribution networks are rarely…
The expansion of variable generation has driven a transition toward a 100\% non-fossil power system. New system needs are challenging system stability and suggesting the need for a redesign of the ancillary service (AS) markets. This paper…
Integrated with a high share of Inverter-Based Resources (IBRs), microgrids face increasing complexity of frequency dynamics, especially after unintentional islanding from the maingrid. These IBRs, on the other hand, provide more control…
Current reserve procurement approaches ignore the stochastic nature of reserve asset availability itself and thus limit the type and volume of reserve offers. This paper develops a reliability-aware probabilistic approach that allows…