NDLI: Hybrid uncertainty-based offering strategy for virtual power plants

Content Provider	IET Digital Library
Author	Alahyari, Arman Ehsan, Mehdi Pozo, David Farrokhifar, Meisam
Abstract	This study proposes an optimal day-ahead (DA) electricity market offering model for a virtual power plant (VPP) formed by a mix of renewable distributed energy resources along with energy storage, such as electric vehicles. Two sources of uncertainty are considered, namely, wind power generation, modelled by an uncertainty set, and DA market price, modelled by scenarios. Opposite to classical robust optimisation approaches, the authors model maps minimal (worst-case) profits to a conservativeness parameter, while the classical robust optimisation maps conservativeness parameter to worst-case profits. In this regard, by using their optimisation framework, a VPP operator only deals with setting a minimum-profit constraint, which is more sensible and easy for interpretation, while the required conservativeness is endogenously determined. The proposed mathematical model for constructing the offering curve is a hierarchical four-level robust optimisation problem. The first level represents the optimal decision on the price–quantity offer bids; the second- and third-level relate to the optimal identification of conservativeness parameter; and the fourth-level represents the optimal operation of the VPP managed assets. The four-level model is reformulated as a single-level mixed-integer linear programming problem. The proposed approach and its applicability are verified using numerical simulations.
Starting Page	2359
Ending Page	2366
Page Count	8
ISSN	17521416
Volume Number	14
e-ISSN	17521424
Issue Number	Issue 13, Oct (2020)
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/iet-rpg/14/13
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/10.1049/iet-rpg.2020.0249
Journal	IET Renewable Power Generation
Publisher Date	2020-07-21
Access Restriction	Open
Rights Holder	© The Institution of Engineering and Technology
Subject Keyword	Authors Model Maps Classical Robust Optimisation Approach Classical Robust Optimisation Maps Conservativeness Parameter DA Market Price Distributed Power Generation Electric Vehicle Energy Storage Four-level Model Four-level Robust Optimisation Problem Fourth-level Hybrid Uncertainty-based Integer Programming Linear Programming Mathematical Model Minimum-profit Constraint Offering Curve Optimal Day-ahead Optimal Identification Optimal Operation Optimisation Optimisation Framework Optimisation Technique Power Market Power System Economics Power System Managemen Power System Operation Price–quantity Offer Bids Pricing Profitability Renewable Distributed Energy ReSource Required Conservativeness Single-level Mixed-integer Linear Programming Problem Virtual Power Plant VPP Operator Wind Power Generation Worst case Profits
Content Type	Text
Resource Type	Article
Subject	Renewable Energy, Sustainability and the Environment

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
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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
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