Risk-based medium-term trading strategy for a virtual power plant with first-order stochastic dominance constraints

Distribution systems of the future will definitely encompass numerous distributed energy resources, and thereby, the physical connection and commercial contribution among virtual power plants (VPPs) will be inevitable. Accordingly, this study proposes a methodology to address the trading strategies...

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Vydané v:IET generation, transmission & distribution Ročník 11; číslo 2; s. 520 - 529
Hlavní autori: Shabanzadeh, Morteza, Sheikh-El-Eslami, Mohammad-Kazem, Haghifam, Mahmoud-Reza
Médium: Journal Article
Jazyk:English
Vydavateľské údaje: The Institution of Engineering and Technology 26.01.2017
Predmet:
bilateral contracting portfolio
Contracts
Cooperation
cross‐regional contracts
Decision making
decision‐making framework
distributed energy resources
distributed power generation
distribution systems
Dominance
efficient risk management approach
Electric power generation
Electric power plants
electricity market
exercising arbitrage
first‐order stochastic dominance constraints
integer programming
investment
linear programming
medium‐term self‐scheduling
mixed‐integer linear programming problem
off‐the‐shelf software packages
power distribution economics
power generation economics
power generation scheduling
power markets
risk management
risk‐based medium‐term trading strategy
stochastic processes
Stochasticity
Strategy
trading floors
virtual power plants
VPP
off-the-shelf software packages
integer programming
linear programming
distributed power generation
contracts
power generation scheduling
mixed-integer linear programming problem
decision-making framework
power generation economics
VPP
power markets
stochastic processes
cross-regional contracts
trading floors
risk management
virtual power plants
electricity market
first-order stochastic dominance constraints
distributed energy resources
investment
power distribution economics
medium-term self-scheduling
exercising arbitrage
distribution systems
decision making
risk-based medium-term trading strategy
efficient risk management approach
bilateral contracting portfolio
ISSN:1751-8687, 1751-8695
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Popis
Shrnutí:Distribution systems of the future will definitely encompass numerous distributed energy resources, and thereby, the physical connection and commercial contribution among virtual power plants (VPPs) will be inevitable. Accordingly, this study proposes a methodology to address the trading strategies of a VPP in cooperation with its neighbouring VPPs. This cooperation is modelled based on some available cross-regional contracts and the problem faced by the VPP is how to determine its bilateral contracting portfolio. To this end, a decision-making framework for medium-term self-scheduling of a VPP with the aim of exercising arbitrage between two different trading floors, i.e. bilateral contracts and the electricity market, is presented. Moreover, an efficient risk management approach based on the concept of first-order stochastic dominance constraints is used to enable informed decision making under different levels of uncertainty. The resulting model is formulated as a mixed-integer linear programming problem that can be solved using off-the-shelf software packages. The efficiency of the proposed model is analysed through a detailed case study, and finally relevant conclusions are duly drawn.
Bibliografia:ObjectType-Article-1
SourceType-Scholarly Journals-1
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ISSN:1751-8687
1751-8695
DOI:10.1049/iet-gtd.2016.1072