Optimal Offering of Energy Storage in UK Day-Ahead Energy and Frequency Response Markets
The offering strategy of energy storage in energy and frequency response (FR) markets needs to account for country-specific market regulations around FR products as well as FR utilization factors, which are highly uncertain. To this end, a novel optimal offering model is proposed for stand-alone pri...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
IEEE
2024-01-01
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| Series: | Journal of Modern Power Systems and Clean Energy |
| Subjects: | |
| Online Access: | https://ieeexplore.ieee.org/document/10478754/ |
| _version_ | 1797243426540879872 |
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| author | Makedon Karasavvidis Andreas Stratis Dimitrios Papadaskalopoulos Goran Strbac |
| author_facet | Makedon Karasavvidis Andreas Stratis Dimitrios Papadaskalopoulos Goran Strbac |
| author_sort | Makedon Karasavvidis |
| collection | DOAJ |
| description | The offering strategy of energy storage in energy and frequency response (FR) markets needs to account for country-specific market regulations around FR products as well as FR utilization factors, which are highly uncertain. To this end, a novel optimal offering model is proposed for stand-alone price-taking storage participants, which accounts for recent FR market design developments in the UK, namely the trade of FR products in time blocks, and the mutual exclusivity among the multiple FR products. The model consists of a day-ahead stage, devising optimal offers under uncertainty, and a real-time stage, representing the storage operation after uncertainty is materialized. Furthermore, a concrete methodological framework is developed for comparing different approaches around the anticipation of uncertain FR utilization factors (determinis- one based on expected values, deterministic one based on worst-case values, stochastic one, and robust one), by providing four alternative formulations for the real-time stage of the proposed offering model, and carrying out an out-of-sample validation of the four model instances. Finally, case studies employing real data from UK energy and FR markets compare these four instances against achieved profits, FR delivery violations, and computational scalability. |
| first_indexed | 2024-04-24T18:54:56Z |
| format | Article |
| id | doaj.art-46e22b3e7e8c4e74ab755565e6510f53 |
| institution | Directory Open Access Journal |
| issn | 2196-5420 |
| language | English |
| last_indexed | 2024-04-24T18:54:56Z |
| publishDate | 2024-01-01 |
| publisher | IEEE |
| record_format | Article |
| series | Journal of Modern Power Systems and Clean Energy |
| spelling | doaj.art-46e22b3e7e8c4e74ab755565e6510f532024-03-26T17:44:45ZengIEEEJournal of Modern Power Systems and Clean Energy2196-54202024-01-0112241542610.35833/MPCE.2023.00073710478754Optimal Offering of Energy Storage in UK Day-Ahead Energy and Frequency Response MarketsMakedon Karasavvidis0Andreas Stratis1Dimitrios Papadaskalopoulos2Goran Strbac3Imperial College London,Department of Electrical and Electronic Engineering,London,UKStatkraft UK Ltd.,London,UKUniversity of Patras,Department of Electrical and Computer Engineering,Patras,GreeceImperial College London,Department of Electrical and Electronic Engineering,London,UKThe offering strategy of energy storage in energy and frequency response (FR) markets needs to account for country-specific market regulations around FR products as well as FR utilization factors, which are highly uncertain. To this end, a novel optimal offering model is proposed for stand-alone price-taking storage participants, which accounts for recent FR market design developments in the UK, namely the trade of FR products in time blocks, and the mutual exclusivity among the multiple FR products. The model consists of a day-ahead stage, devising optimal offers under uncertainty, and a real-time stage, representing the storage operation after uncertainty is materialized. Furthermore, a concrete methodological framework is developed for comparing different approaches around the anticipation of uncertain FR utilization factors (determinis- one based on expected values, deterministic one based on worst-case values, stochastic one, and robust one), by providing four alternative formulations for the real-time stage of the proposed offering model, and carrying out an out-of-sample validation of the four model instances. Finally, case studies employing real data from UK energy and FR markets compare these four instances against achieved profits, FR delivery violations, and computational scalability.https://ieeexplore.ieee.org/document/10478754/Energy marketsenergy storagefrequency responseoptimal offeringrobust optimizationstochastic programming |
| spellingShingle | Makedon Karasavvidis Andreas Stratis Dimitrios Papadaskalopoulos Goran Strbac Optimal Offering of Energy Storage in UK Day-Ahead Energy and Frequency Response Markets Journal of Modern Power Systems and Clean Energy Energy markets energy storage frequency response optimal offering robust optimization stochastic programming |
| title | Optimal Offering of Energy Storage in UK Day-Ahead Energy and Frequency Response Markets |
| title_full | Optimal Offering of Energy Storage in UK Day-Ahead Energy and Frequency Response Markets |
| title_fullStr | Optimal Offering of Energy Storage in UK Day-Ahead Energy and Frequency Response Markets |
| title_full_unstemmed | Optimal Offering of Energy Storage in UK Day-Ahead Energy and Frequency Response Markets |
| title_short | Optimal Offering of Energy Storage in UK Day-Ahead Energy and Frequency Response Markets |
| title_sort | optimal offering of energy storage in uk day ahead energy and frequency response markets |
| topic | Energy markets energy storage frequency response optimal offering robust optimization stochastic programming |
| url | https://ieeexplore.ieee.org/document/10478754/ |
| work_keys_str_mv | AT makedonkarasavvidis optimalofferingofenergystorageinukdayaheadenergyandfrequencyresponsemarkets AT andreasstratis optimalofferingofenergystorageinukdayaheadenergyandfrequencyresponsemarkets AT dimitriospapadaskalopoulos optimalofferingofenergystorageinukdayaheadenergyandfrequencyresponsemarkets AT goranstrbac optimalofferingofenergystorageinukdayaheadenergyandfrequencyresponsemarkets |