Bidding Strategy for VPP and Economic Feasibility Study of the Optimal Sizing of Storage Systems to Face the Uncertainty of Solar Generation Modelled with IGDT
Virtual power plants (VPP) emerge as a new participant that, in order to maximise their visibility and income, represents a group of distributed energy resources (DER) in the electricity market. However, this DER aggregation brings challenges, such as fluctuating renewable sources dependent on weath...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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MDPI AG
2022-01-01
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| Series: | Energies |
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| Online Access: | https://www.mdpi.com/1996-1073/15/3/953 |
| _version_ | 1827660722425823232 |
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| author | Michelle Maceas Henao Jairo José Espinosa Oviedo |
| author_facet | Michelle Maceas Henao Jairo José Espinosa Oviedo |
| author_sort | Michelle Maceas Henao |
| collection | DOAJ |
| description | Virtual power plants (VPP) emerge as a new participant that, in order to maximise their visibility and income, represents a group of distributed energy resources (DER) in the electricity market. However, this DER aggregation brings challenges, such as fluctuating renewable sources dependent on weather variables and guaranteeing power set points. One way to deal with these intermittencies is to incorporate the energy storage system (ESS) into the VPPs. Therefore, this paper presents a novel bidding strategy of VPP that includes modelling the uncertainty associated with solar generation using information gap decision theory (IGDT) and the optimal sizing of ESS systems so as to deal with solar generation fluctuations. Additionally, a study is carried out to determine the economic viability of this methodology in the short, medium and long terms using the return on investment (ROI). |
| first_indexed | 2024-03-09T23:57:35Z |
| format | Article |
| id | doaj.art-915fc35be25242b48ea2837ada658b4a |
| institution | Directory Open Access Journal |
| issn | 1996-1073 |
| language | English |
| last_indexed | 2024-03-09T23:57:35Z |
| publishDate | 2022-01-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Energies |
| spelling | doaj.art-915fc35be25242b48ea2837ada658b4a2023-11-23T16:22:42ZengMDPI AGEnergies1996-10732022-01-0115395310.3390/en15030953Bidding Strategy for VPP and Economic Feasibility Study of the Optimal Sizing of Storage Systems to Face the Uncertainty of Solar Generation Modelled with IGDTMichelle Maceas Henao0Jairo José Espinosa Oviedo1Grupo de Automática de la Universidad Nacional de Colombia, GAUNAL, Departamento de Energía Eléctrica y Automática, Universidad Nacional de Colombia Sede Medellín, Medellín 050034, ColombiaGrupo de Automática de la Universidad Nacional de Colombia, GAUNAL, Departamento de Energía Eléctrica y Automática, Universidad Nacional de Colombia Sede Medellín, Medellín 050034, ColombiaVirtual power plants (VPP) emerge as a new participant that, in order to maximise their visibility and income, represents a group of distributed energy resources (DER) in the electricity market. However, this DER aggregation brings challenges, such as fluctuating renewable sources dependent on weather variables and guaranteeing power set points. One way to deal with these intermittencies is to incorporate the energy storage system (ESS) into the VPPs. Therefore, this paper presents a novel bidding strategy of VPP that includes modelling the uncertainty associated with solar generation using information gap decision theory (IGDT) and the optimal sizing of ESS systems so as to deal with solar generation fluctuations. Additionally, a study is carried out to determine the economic viability of this methodology in the short, medium and long terms using the return on investment (ROI).https://www.mdpi.com/1996-1073/15/3/953virtual power plantstorage systemsIGDTenergy storage system sizingreturn on investment |
| spellingShingle | Michelle Maceas Henao Jairo José Espinosa Oviedo Bidding Strategy for VPP and Economic Feasibility Study of the Optimal Sizing of Storage Systems to Face the Uncertainty of Solar Generation Modelled with IGDT Energies virtual power plant storage systems IGDT energy storage system sizing return on investment |
| title | Bidding Strategy for VPP and Economic Feasibility Study of the Optimal Sizing of Storage Systems to Face the Uncertainty of Solar Generation Modelled with IGDT |
| title_full | Bidding Strategy for VPP and Economic Feasibility Study of the Optimal Sizing of Storage Systems to Face the Uncertainty of Solar Generation Modelled with IGDT |
| title_fullStr | Bidding Strategy for VPP and Economic Feasibility Study of the Optimal Sizing of Storage Systems to Face the Uncertainty of Solar Generation Modelled with IGDT |
| title_full_unstemmed | Bidding Strategy for VPP and Economic Feasibility Study of the Optimal Sizing of Storage Systems to Face the Uncertainty of Solar Generation Modelled with IGDT |
| title_short | Bidding Strategy for VPP and Economic Feasibility Study of the Optimal Sizing of Storage Systems to Face the Uncertainty of Solar Generation Modelled with IGDT |
| title_sort | bidding strategy for vpp and economic feasibility study of the optimal sizing of storage systems to face the uncertainty of solar generation modelled with igdt |
| topic | virtual power plant storage systems IGDT energy storage system sizing return on investment |
| url | https://www.mdpi.com/1996-1073/15/3/953 |
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