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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…
The interplay between risk aversion and financial derivatives has received increasing attention since the advent of electricity market liberalization. One important challenge in this context is how to develop economically efficient and…
The growing reliance on renewable energy sources, particularly solar and wind, has introduced challenges due to their uncontrollable production. This complicates maintaining the electrical grid balance, prompting some transmission system…
Hybrid Energy Systems (HES), amalgamating renewable sources, energy storage, and conventional generation, have emerged as a responsive resource for providing valuable grid services. Subsequently, modeling and analysis of HES has become…
Maintaining energy balance and economical operation is significant for multi-energy systems such as the energy hub. However, it is usually challenged by the frequently changing and unpredictable uncertainties at different timescales. Under…
Securing an adequate supply of dispatchable resources is critical for keeping a power system reliable under high penetrations of variable generation. Traditional resource adequacy mechanisms are poorly suited to exploiting the growing…
The implementation of electricity markets based on locational marginal pricing in a multi-settlement process has allowed wholesale competition, with pricing mechanisms that incentivize the optimal allocation of generation, transmission, and…
The concept of Energy Hub (EH) has been emerged to accommodate renewable energy sources in a multi-energy system to deploy the synergies between electricity and other energy sources. However, the market mechanisms for the integration of the…
Electricity market mechanisms designed to steer sustainable generation of electricity play an important role for the energy transition intended to mitigate climate change. One of the major problems is to complement volatile renewable energy…
Cellular operators are increasingly turning towards renewable energy (RE) as an alternative to using traditional electricity in order to reduce operational expenditure and carbon footprint. Due to the randomness in both RE generation and…
The emerging interest in deployment of renewable energy resources (RESs) in smart system represents a great challenge to both system planners and owners of Microgrids (MGs) operators. In this regard, we propose a Tri-level power market…
This paper presents a unified framework for the optimal scheduling of battery dispatch and internal power allocation in Battery energy storage systems (BESS). This novel approach integrates both market-based (price-aware) signals and…
Investments into renewable energy are increasing rapidly around the world. Energy system models are able to provide insights into optimal investment capacities and thus are widely used to aid the long-term investment decision-making under…
Battery energy storage systems (BESSs) are essential for stable power supply in renewable energy systems that can operate in all weather. Future BESSs will be massive and pluggable with several heterogeneous batteries. In this paper, a…
In this study, we investigate the operation of an optimal home energy management system (HEMS) with integrated renewable energy system (RES) and energy storage system (ESS) supporting electricity selling functions. A multi-objective mixed…
There is an intrinsic value in higher integration of multi-carrier energy systems (especially gas and electricity), to increase operational flexibility in the electricity system and to improve allocation of resources in gas and electricity…
The resource quality and the temporal generation pattern of variable renewable energy sources vary significantly across Europe. In this paper spatial distributions of renewable assets are explored which exploit this heterogeneity to lower…
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…
Electricity market operators worldwide use mixed-integer linear programming to solve the allocation problem in wholesale electricity markets. Prices are typically determined based on the duals of relaxed versions of this optimization…
We study day-ahead bidding strategies for wind farm operators under a one-price balancing scheme, prevalent in European electricity markets. In this setting, the profit-maximising strategy becomes an all-or-nothing strategy, aiming to take…