TY - JOUR
T1 - Optimal Behavior of a Hybrid Power Producer in Day-Ahead and Intraday Markets
T2 - A Bi-Objective CVaR-Based Approach
AU - Khaloie, Hooman
AU - Mollahassani-pour, Mojgan
AU - Anvari-Moghaddam, Amjad
PY - 2021/4
Y1 - 2021/4
N2 - Coordinated operation of various energy sources has drawn the attention of many power producers worldwide. In this paper, a Concentrating Solar Power Plant (CSPP) along with a wind power station, a Compressed Air Energy Storage (CAES) unit, and a Demand Response Provider (DRP) constitute the considered Hybrid Power Producer (HPP). In this regard, this paper deals with the optimal participation of the mentioned HPP in the Day-Ahead (DA), and intraday electricity markets by benefiting from the joint configuration of all accessible resources. To attain risk-averse strategies in the suggested model, Conditional Value-at-Risk (CVaR) based on the ϵ-constraint technique is employed, while its efficiency is validated compared to the previously applied method to such problems. On the whole, the main contributions of this work lie in: 1) proposing a novel model for optimal behavior of a CSPP-based HPP in DA, and intraday markets using a three-stage decision-making architecture, and 2) developing a bi-objective optimization framework to improve the functioning of the risk-constrained algorithm. Simulation results reveal that taking advantage of the CSPP in the intraday market, and coordinated operation of all resources not only enhance the profitability of the system but also lessen the associated risk compared to the previous models.
AB - Coordinated operation of various energy sources has drawn the attention of many power producers worldwide. In this paper, a Concentrating Solar Power Plant (CSPP) along with a wind power station, a Compressed Air Energy Storage (CAES) unit, and a Demand Response Provider (DRP) constitute the considered Hybrid Power Producer (HPP). In this regard, this paper deals with the optimal participation of the mentioned HPP in the Day-Ahead (DA), and intraday electricity markets by benefiting from the joint configuration of all accessible resources. To attain risk-averse strategies in the suggested model, Conditional Value-at-Risk (CVaR) based on the ϵ-constraint technique is employed, while its efficiency is validated compared to the previously applied method to such problems. On the whole, the main contributions of this work lie in: 1) proposing a novel model for optimal behavior of a CSPP-based HPP in DA, and intraday markets using a three-stage decision-making architecture, and 2) developing a bi-objective optimization framework to improve the functioning of the risk-constrained algorithm. Simulation results reveal that taking advantage of the CSPP in the intraday market, and coordinated operation of all resources not only enhance the profitability of the system but also lessen the associated risk compared to the previous models.
KW - Compressed Air Energy Storage (CAES)
KW - Concentrating Solar Power Plant (CSPP)
KW - Demand Response Provider (DRP)
KW - stochastic programming
KW - wind farm
KW - ϵ-constraint method
UR - http://www.scopus.com/inward/record.url?scp=85091683653&partnerID=8YFLogxK
U2 - 10.1109/TSTE.2020.3026066
DO - 10.1109/TSTE.2020.3026066
M3 - Journal article
SN - 1949-3029
VL - 12
SP - 931
EP - 943
JO - I E E E Transactions on Sustainable Energy
JF - I E E E Transactions on Sustainable Energy
IS - 2
M1 - 9204677
ER -