A stochastic analysis of the energy and reserve operation for battery storage-assisted prosumer aggregator in the Southwest Power Pool Market
To facilitate the integration of renewable energy in electric power systems, the installed capacity of distributed renewable energy sources has been increased rapidly worldwide in recent years, and the prosumers and prosumer aggregators have become important players in smart grid. To maximize the ec...
| Main Authors: | , , , , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Elsevier
2023-10-01
|
| Series: | Energy Reports |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2352484723011903 |
| _version_ | 1797692801362690048 |
|---|---|
| author | Dongliang Xiao Shengsheng Deng Haixiang Zhang Weijun Cai Yirui Li Haoyong Chen |
| author_facet | Dongliang Xiao Shengsheng Deng Haixiang Zhang Weijun Cai Yirui Li Haoyong Chen |
| author_sort | Dongliang Xiao |
| collection | DOAJ |
| description | To facilitate the integration of renewable energy in electric power systems, the installed capacity of distributed renewable energy sources has been increased rapidly worldwide in recent years, and the prosumers and prosumer aggregators have become important players in smart grid. To maximize the economic benefits of a prosumer aggregator in power markets, a stochastic model used for generating the day-ahead (DA) energy and operating reserve scheduling strategies is proposed. The uncertainties associated with solar power productions, demands and prices in energy and operating reserve markets are handled via stochastic optimization technique. To manage the potential risks faced by the prosumer aggregator, the conditional value at risk is adopted to measure and manage its potential low profits or losses. Finally, case studies are performed by using the data in the energy and operating reserve markets operated by the Southwest Power Pool (SPP), and the optimal energy and operating reserve bids are generated effectively by solving the proposed model. The values of the operating reserve markets and battery storages are analyzed in detail via simulation, and it shows that higher reserve prices and larger battery storage capacity would lead to higher expected profit and lower risks for the prosumer aggregator. |
| first_indexed | 2024-03-12T02:33:48Z |
| format | Article |
| id | doaj.art-69c5b50c0827462fb6f90ce462812cdb |
| institution | Directory Open Access Journal |
| issn | 2352-4847 |
| language | English |
| last_indexed | 2024-03-12T02:33:48Z |
| publishDate | 2023-10-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Energy Reports |
| spelling | doaj.art-69c5b50c0827462fb6f90ce462812cdb2023-09-05T04:15:56ZengElsevierEnergy Reports2352-48472023-10-019110A stochastic analysis of the energy and reserve operation for battery storage-assisted prosumer aggregator in the Southwest Power Pool MarketDongliang Xiao0Shengsheng Deng1Haixiang Zhang2Weijun Cai3Yirui Li4Haoyong Chen5School of Electric Power, South China University of Technology, Tianhe District, Guangzhou, 510640, ChinaSchool of Electric Power, South China University of Technology, Tianhe District, Guangzhou, 510640, ChinaSchool of Khoury College of Computer Science, Northeastern University, Boston, MA 02115, USASchool of Electric Power, South China University of Technology, Tianhe District, Guangzhou, 510640, ChinaSchool of Electric Power, South China University of Technology, Tianhe District, Guangzhou, 510640, ChinaSchool of Electric Power, South China University of Technology, Tianhe District, Guangzhou, 510640, China; Corresponding author.To facilitate the integration of renewable energy in electric power systems, the installed capacity of distributed renewable energy sources has been increased rapidly worldwide in recent years, and the prosumers and prosumer aggregators have become important players in smart grid. To maximize the economic benefits of a prosumer aggregator in power markets, a stochastic model used for generating the day-ahead (DA) energy and operating reserve scheduling strategies is proposed. The uncertainties associated with solar power productions, demands and prices in energy and operating reserve markets are handled via stochastic optimization technique. To manage the potential risks faced by the prosumer aggregator, the conditional value at risk is adopted to measure and manage its potential low profits or losses. Finally, case studies are performed by using the data in the energy and operating reserve markets operated by the Southwest Power Pool (SPP), and the optimal energy and operating reserve bids are generated effectively by solving the proposed model. The values of the operating reserve markets and battery storages are analyzed in detail via simulation, and it shows that higher reserve prices and larger battery storage capacity would lead to higher expected profit and lower risks for the prosumer aggregator.http://www.sciencedirect.com/science/article/pii/S2352484723011903Distributed energy sourcesProsumerOperating reserveBattery storageSmart grid |
| spellingShingle | Dongliang Xiao Shengsheng Deng Haixiang Zhang Weijun Cai Yirui Li Haoyong Chen A stochastic analysis of the energy and reserve operation for battery storage-assisted prosumer aggregator in the Southwest Power Pool Market Energy Reports Distributed energy sources Prosumer Operating reserve Battery storage Smart grid |
| title | A stochastic analysis of the energy and reserve operation for battery storage-assisted prosumer aggregator in the Southwest Power Pool Market |
| title_full | A stochastic analysis of the energy and reserve operation for battery storage-assisted prosumer aggregator in the Southwest Power Pool Market |
| title_fullStr | A stochastic analysis of the energy and reserve operation for battery storage-assisted prosumer aggregator in the Southwest Power Pool Market |
| title_full_unstemmed | A stochastic analysis of the energy and reserve operation for battery storage-assisted prosumer aggregator in the Southwest Power Pool Market |
| title_short | A stochastic analysis of the energy and reserve operation for battery storage-assisted prosumer aggregator in the Southwest Power Pool Market |
| title_sort | stochastic analysis of the energy and reserve operation for battery storage assisted prosumer aggregator in the southwest power pool market |
| topic | Distributed energy sources Prosumer Operating reserve Battery storage Smart grid |
| url | http://www.sciencedirect.com/science/article/pii/S2352484723011903 |
| work_keys_str_mv | AT dongliangxiao astochasticanalysisoftheenergyandreserveoperationforbatterystorageassistedprosumeraggregatorinthesouthwestpowerpoolmarket AT shengshengdeng astochasticanalysisoftheenergyandreserveoperationforbatterystorageassistedprosumeraggregatorinthesouthwestpowerpoolmarket AT haixiangzhang astochasticanalysisoftheenergyandreserveoperationforbatterystorageassistedprosumeraggregatorinthesouthwestpowerpoolmarket AT weijuncai astochasticanalysisoftheenergyandreserveoperationforbatterystorageassistedprosumeraggregatorinthesouthwestpowerpoolmarket AT yiruili astochasticanalysisoftheenergyandreserveoperationforbatterystorageassistedprosumeraggregatorinthesouthwestpowerpoolmarket AT haoyongchen astochasticanalysisoftheenergyandreserveoperationforbatterystorageassistedprosumeraggregatorinthesouthwestpowerpoolmarket AT dongliangxiao stochasticanalysisoftheenergyandreserveoperationforbatterystorageassistedprosumeraggregatorinthesouthwestpowerpoolmarket AT shengshengdeng stochasticanalysisoftheenergyandreserveoperationforbatterystorageassistedprosumeraggregatorinthesouthwestpowerpoolmarket AT haixiangzhang stochasticanalysisoftheenergyandreserveoperationforbatterystorageassistedprosumeraggregatorinthesouthwestpowerpoolmarket AT weijuncai stochasticanalysisoftheenergyandreserveoperationforbatterystorageassistedprosumeraggregatorinthesouthwestpowerpoolmarket AT yiruili stochasticanalysisoftheenergyandreserveoperationforbatterystorageassistedprosumeraggregatorinthesouthwestpowerpoolmarket AT haoyongchen stochasticanalysisoftheenergyandreserveoperationforbatterystorageassistedprosumeraggregatorinthesouthwestpowerpoolmarket |