Risk-constrained offering strategy for a hybrid power plant consisting of wind power producer and electric vehicle aggregator

Renewable energy producers such as wind power producers (WPP) and electric vehicle (EV) aggregators are playing an increasingly important role in the electricity market as their large capacity could strategically influence the electricity price. This paper proposes a bi-level stochastic optimization...

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Vydané v:Energy (Oxford) Ročník 177; s. 183 - 191
Hlavní autori: Gao, Xiang, Chan, Ka Wing, Xia, Shiwei, Zhou, Bin, Lu, Xi, Xu, Da
Médium: Journal Article
Jazyk:English
Vydavateľské údaje: Oxford Elsevier Ltd 15.06.2019
Elsevier BV
Predmet:
Alternative energy sources
Computer simulation
Constraints
Electric power generation
Electric vehicle
Electric vehicles
Electricity
electricity costs
Electricity pricing
energy
Hybrid power plant
income
Integer programming
Linear programming
Markets
Mixed integer
Offering strategy
Optimization
Power plants
prices
Profits
profits and margins
Renewable energy
risk
Risk management
social welfare
uncertainty
Volatility
Wind power
Wind power generation
Electric vehicle
Renewable energy
Offering strategy
Hybrid power plant
ISSN:0360-5442, 1873-6785
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Shrnutí:Renewable energy producers such as wind power producers (WPP) and electric vehicle (EV) aggregators are playing an increasingly important role in the electricity market as their large capacity could strategically influence the electricity price. This paper proposes a bi-level stochastic optimization model of offering strategy for an aggregated WPP-EV hybrid power plant (HPP) as a price maker in the day-ahead (DA) market while considering the uncertainties of the energy production and spot price in the real-time (RT) market. While the HPP's profits is maximized in the upper level of the proposed model with the use of conditional-value-at-risk (CVaR) to manage the risk of expected revenues, the social welfare from the perspective of the grid is maximized in the lower level. The formulated bi-level model is first transformed into a single-level mathematical program with equilibrium constraints (MPEC) and then further transformed into a mixed integer linear programming (MILP) problem for solution. Simulation results have demonstrated the effectiveness of the proposed HPP model with strategically bidding price to increase profits and reduce volatility of profits by considering the risk-metric. •EV aggregators with both V2G and G2V services and WPPs are integrated as a HPP.•A bi-level model of offering strategy for a HPP in the DA market is proposed.•Renewable energy production and real market prices are considered as uncertainties.•EVs and elastic loads as DR sources are price makers and price takers respectively.
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ISSN:0360-5442
1873-6785
DOI:10.1016/j.energy.2019.04.048