Single-level Robust Bidding of Renewable-only Virtual Power Plant in Energy and Ancillary Service Markets for Worst-case Profit
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arXiv
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| Main Authors: | , , , |
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| Format: | Preprint |
| Published: |
2024
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| _version_ | 1866910354291818496 |
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| author | Nemati, Hadi Sánchez-Martín, Pedro Baringo, Ana Ortega, Álvaro |
| author_facet | Nemati, Hadi Sánchez-Martín, Pedro Baringo, Ana Ortega, Álvaro |
| contents | This paper proposes a novel single-level robust mathematical approach to model the RES-only Virtual Power Plant (RVPP) bidding problem in the simultaneous Day Ahead Market (DAM) and Secondary Reserve Market (SRM). The worst-case profit of RVPP due to uncertainties related to electricity prices, Non-dispatchable Renewable Energy Sources (ND-RES) production, and flexible demand is captured. In order to find the worst-case profit in a single-level model, the relationship between price and energy uncertainties leads to some non-linear constraints, which are appropriately linearized. The simulation results show the superiority of the proposed robust model compared to those in the literature, as well as its computational efficiency. |
| format | Preprint |
| id |
arxiv_https___arxiv_org_abs_2403_02953 |
| institution | arXiv |
| publishDate | 2024 |
| record_format | arxiv |
| spellingShingle | Single-level Robust Bidding of Renewable-only Virtual Power Plant in Energy and Ancillary Service Markets for Worst-case Profit Nemati, Hadi Sánchez-Martín, Pedro Baringo, Ana Ortega, Álvaro Systems and Control This paper proposes a novel single-level robust mathematical approach to model the RES-only Virtual Power Plant (RVPP) bidding problem in the simultaneous Day Ahead Market (DAM) and Secondary Reserve Market (SRM). The worst-case profit of RVPP due to uncertainties related to electricity prices, Non-dispatchable Renewable Energy Sources (ND-RES) production, and flexible demand is captured. In order to find the worst-case profit in a single-level model, the relationship between price and energy uncertainties leads to some non-linear constraints, which are appropriately linearized. The simulation results show the superiority of the proposed robust model compared to those in the literature, as well as its computational efficiency. |
| title | Single-level Robust Bidding of Renewable-only Virtual Power Plant in Energy and Ancillary Service Markets for Worst-case Profit |
| topic | Systems and Control |
| url | https://arxiv.org/abs/2403.02953 |