Related papers: The Value of Ancillary Services for Electrolyzers
We propose a multivariate elastic net regression forecast model for German quarter-hourly electricity spot markets. While the literature is diverse on day-ahead prediction approaches, both the intraday continuous and intraday call-auction…
Renewable energy sources such as wind and solar power have a high degree of unpredictability and time-variation, which makes balancing demand and supply challenging. One possible way to address this challenge is to harness the inherent…
The use of energy storage to balance electric grids is increasing and, with it, the importance of operational optimisation from the twin viewpoints of cost and system stability. In this paper we assess the real option value of balancing…
Frequency control reserves are an essential ancillary service in any electric power system, guaranteeing that generation and demand of active power are balanced at all times. Traditionally, conventional power plants are used for frequency…
Energy storage technologies are key to improving grid flexibility in the presence of increasing amounts of intermittent renewable generation. We propose an insurance contract that suitably compensates energy storage systems for providing…
The marginal price of electricity traditionally depends on the dual variables associated with relevant optimization goals. Particularly, in the optimal power flow realm, prices represent the cost of supplying an additional unit of power at…
As more manufacturers shift their focus from selling products to end solutions, full-service maintenance contracts gain traction in the business world. These contracts cover all maintenance related costs during a predetermined horizon in…
The growing penetration of renewable generation in distribution networks, primarily deployed by end-use electricity customers, is changing the traditional load profile and inevitably makes supply-load balancing more challenging for grid…
Modern electricity grids throughout the world, particularly in islands such as Great Britain, face a major problem on the road to decarbonisation: the significantly reduced level of system inertia due to integration of Renewable Energy…
The uncertainty in the power supply due to fluctuating Renewable Energy Sources (RES) has severe (financial and other) implications for energy market players. In this paper, we present a device-level Demand Response (DR) scheme that…
The large-scale integration of distributed renewable energy sources into the electricity grid requires the investigation of new methods to ensure stability. For example, Active Distribution Networks (ADNs) can be used at (sub-) transmission…
We consider some crucial problems related to the secure and reliable operation of power systems with high renewable penetrations: how much reserve should we procure, how should reserve resources distribute among different locations, and how…
Energy storage is needed to match renewable generation to industrial loads in energy parks. However, the future performance of bulk storage technologies is currently highly uncertain. Due to the urgency of decarbonization targets, energy…
Flexibility of small loads, in particular from Electric Vehicles (EVs), has recently attracted a lot of interest due to their possibility of participating in the energy market and the new commercial potentials. Different from existing work,…
Studies looking at electricity market designs for very high shares of wind and solar often conclude that the energy-only market will break down. Without fuel costs, it is said that there is nothing to set prices. Symptoms of breakdown…
The rapid proliferation of distributed energy resources (DERs) and the electrification of residential loads offer significant potential for grid flexibility but pose stability challenges under static pricing regimes. Specifically, high…
The growing share of variable renewable energy (VRE) sources in power systems is increasing the need for short term operational flexibility, particularly from large industrial electricity consumers. This study proposes a practical, two…
This paper addresses the question of how much to bid to maximize the profit when trading in two electricity markets: the hourly Day-Ahead Auction and the quarter-hourly Intraday Auction. For optimal coordinated bidding many price scenarios…
Efficiently integrating renewable resources into electricity markets is vital for addressing the challenges of matching real-time supply and demand while reducing the significant energy wastage resulting from curtailments. To address this…
Predictive models are finding an increasing number of applications in many industries. As a result, a practical means for trading-off the cost of deploying a model versus its effectiveness is needed. Our work is motivated by risk prediction…