NDLI: A Study of the Impact of Load Forecasting Errors on Trading and Balancing in a Microgrid

Content Provider	IEEE Xplore Digital Library
Author	Tomic, S.D.
Copyright Year	2013
Description	Author affiliation: Forschungszentrum Telekommunikation (FTW), Vienna, Austria (Tomic, S.D.)
Abstract	How to efficiently integrate and exploit flexible demand and distributed renewable generation in the Smart Grid is a question of high interest reflecting the societal need for energy efficiency and urge to lower carbon emissions. This question also provides strong motivation for honing the concept of a microgrid as an atomic cell of future active distribution networks as well as the smallest market entity. The microgrid locally balances demand and supply in a far more efficient way than in current practice. Complementary, the microgrid market offers basis for creating energy prices that stimulate investments in renewable generation, storage, and demand response. As similar to the current energy markets, the microgrid market can accommodate trading of the short term and the long term energy products, balancing energy and capacity. The foundation of trading is forecasting and optimization, and consequently each party involved in microgrid trading must be able to forecast its demand, supply, or flexibility. But how precise these forecasts must be? This paper focuses on the impact of forecasting errors on the economic effects of trading and balancing in the microgrid: while lower forecasting accuracy induces greater differences between forecasted and real consumption/generation, and hence higher need for balancing energy, higher forecasting precision may increase the cost of the system. We present results of an agent-based simulation study of a microgrid with a simple market integrating local suppliers and customers with flexible loads, renewable energy sources and storage capacity. These actors buy energy, sell demand reduction, and sell energy produced by their wind turbines and solar panels, or stored in their battery. The Microgrid System Operator (MSO) operates the local market and balances demand and supply. In our model MSO operates a dedicated storage and interacts with the global grid markets and performs clearing and settlement of balancing energy costs. In the presented study we compare the economic results of trading and balancing for different values of forecasting errors in scenarios characterized with different supply levels in the microgrid.
Sponsorship	IEEE Denver Sect.
Starting Page	443
Ending Page	450
File Size	931083
Page Count	8
File Format	PDF
ISBN	9781467351911
ISSN	21665478
e-ISBN	9780769549668
DOI	10.1109/GreenTech.2013.74
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2013-04-04
Publisher Place	USA
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Microgrid Demand forecasting Microgrids Production Generators Batteries Energy market Forecasting Contracts Investment
Content Type	Text
Resource Type	Article

Sl.	Authority	Responsibilities	Communication Details
1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
5	Website/Portal (Helpdesk)	Queries regarding NDLI and its services	support@ndl.gov.in
6	Contents and Copyright Issues	Queries related to content curation and copyright issues	content@ndl.gov.in
7	National Digital Library of India Club (NDLI Club)	Queries related to NDLI Club formation, support, user awareness program, seminar/symposium, collaboration, social media, promotion, and outreach	clubsupport@ndl.gov.in
8	Digital Preservation Centre (DPC)	Assistance with digitizing and archiving copyright-free printed books	dpc@ndl.gov.in
9	IDR Setup or Support	Queries related to establishment and support of Institutional Digital Repository (IDR) and IDR workshops	idr@ndl.gov.in

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