Day-ahead optimal bidding strategy of microgrid with demand response program considering uncertainties and outages of renewable energy resources

In restructured electricity markets, microgrids are becoming smarter, more reliable and more economic electricity providers with respect to the incorporation of advanced smart grid technologies, distributed energy resources, efficient energy storage systems, and demand response programs (DRPs). More...

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Vydané v:	Energy (Oxford) Ročník 190; s. 116441
Hlavní autori:	Das, Saborni, Basu, Mousumi
Médium:	Journal Article
Jazyk:	English
Vydavateľské údaje:	Oxford Elsevier Ltd 01.01.2020 Elsevier BV
Predmet:	Alternative energy sources confidence interval Confidence intervals Demand response program Distributed generation Electric power grids electrical equipment Electricity energy Energy industry Energy management Energy resources Energy sources Energy storage Forced outage probability Mapping markets Mixed integer Nonlinear programming Outages profits and margins Renewable energy renewable energy sources Renewable integrated microgrid Renewable resources risk Risk management Smart grid Smart grid technology Storage systems Uncertainty Value of stochastic solution Value of stochastic solution Uncertainty Demand response program Renewable integrated microgrid Forced outage probability Risk management
ISSN:	0360-5442, 1873-6785
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Abstract	In restructured electricity markets, microgrids are becoming smarter, more reliable and more economic electricity providers with respect to the incorporation of advanced smart grid technologies, distributed energy resources, efficient energy storage systems, and demand response programs (DRPs). Moreover, better bidding strategies, prepared by MG operators, boost the profits of MG market players. But, highly intermittent nature of renewable energy resources and their higher rate of outages make bidding strategies inefficient. To solve these issues, this study suggests an optimal bidding strategy considering uncertainty of renewable energy resources and DRP based on their outage probabilities. Tent chaos mapping is used to generate load scenarios and all possible renewable power output scenarios within the confidence intervals in non-repetitive and adaptive manner. Reserve and penalty costs for incorrect estimation of renewable energies are invoked to design more robust bidding. Moreover, the risk of participation in the competitive energy market is assessed using CVaR criteria. The proposed bidding model is optimized using mixed integer nonlinear programming. ‘Value of stochastic solution’ is used to investigate the efficiency of the stochastic programming in uncertainty integration into the bidding problem. •Bidding scheme with risk management of microgrid is proposed.•Forced outage and uncertainty modeling of renewable units are furnished.•Demand response program considers load elasticity and outages of renewable units.•Reserve/penalty cost of over/under estimation of renewable outputs are considered.•Bidding profits vary with Tent chaotic mapped scenarios of uncertain parameters.
AbstractList	In restructured electricity markets, microgrids are becoming smarter, more reliable and more economic electricity providers with respect to the incorporation of advanced smart grid technologies, distributed energy resources, efficient energy storage systems, and demand response programs (DRPs). Moreover, better bidding strategies, prepared by MG operators, boost the profits of MG market players. But, highly intermittent nature of renewable energy resources and their higher rate of outages make bidding strategies inefficient. To solve these issues, this study suggests an optimal bidding strategy considering uncertainty of renewable energy resources and DRP based on their outage probabilities. Tent chaos mapping is used to generate load scenarios and all possible renewable power output scenarios within the confidence intervals in non-repetitive and adaptive manner. Reserve and penalty costs for incorrect estimation of renewable energies are invoked to design more robust bidding. Moreover, the risk of participation in the competitive energy market is assessed using CVaR criteria. The proposed bidding model is optimized using mixed integer nonlinear programming. ‘Value of stochastic solution’ is used to investigate the efficiency of the stochastic programming in uncertainty integration into the bidding problem. In restructured electricity markets, microgrids are becoming smarter, more reliable and more economic electricity providers with respect to the incorporation of advanced smart grid technologies, distributed energy resources, efficient energy storage systems, and demand response programs (DRPs). Moreover, better bidding strategies, prepared by MG operators, boost the profits of MG market players. But, highly intermittent nature of renewable energy resources and their higher rate of outages make bidding strategies inefficient. To solve these issues, this study suggests an optimal bidding strategy considering uncertainty of renewable energy resources and DRP based on their outage probabilities. Tent chaos mapping is used to generate load scenarios and all possible renewable power output scenarios within the confidence intervals in non-repetitive and adaptive manner. Reserve and penalty costs for incorrect estimation of renewable energies are invoked to design more robust bidding. Moreover, the risk of participation in the competitive energy market is assessed using CVaR criteria. The proposed bidding model is optimized using mixed integer nonlinear programming. ‘Value of stochastic solution’ is used to investigate the efficiency of the stochastic programming in uncertainty integration into the bidding problem. •Bidding scheme with risk management of microgrid is proposed.•Forced outage and uncertainty modeling of renewable units are furnished.•Demand response program considers load elasticity and outages of renewable units.•Reserve/penalty cost of over/under estimation of renewable outputs are considered.•Bidding profits vary with Tent chaotic mapped scenarios of uncertain parameters.
ArticleNumber	116441
Author	Basu, Mousumi Das, Saborni
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Keywords	Value of stochastic solution Uncertainty Demand response program Renewable integrated microgrid Forced outage probability Risk management
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SubjectTerms	Alternative energy sources confidence interval Confidence intervals Demand response program Distributed generation Electric power grids electrical equipment Electricity energy Energy industry Energy management Energy resources Energy sources Energy storage Forced outage probability Mapping markets Mixed integer Nonlinear programming Outages profits and margins Renewable energy renewable energy sources Renewable integrated microgrid Renewable resources risk Risk management Smart grid Smart grid technology Storage systems Uncertainty Value of stochastic solution
Title	Day-ahead optimal bidding strategy of microgrid with demand response program considering uncertainties and outages of renewable energy resources
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