Co-optimized bidding strategy of an integrated wind-thermal-photovoltaic system in deregulated electricity market under uncertainties

Hooman Khaloie, Amir Abdollahi, Miadreza Shafie-Khah, Pierluigi Siano, Sayyad Nojavan, Amjad Anvari-Moghaddam, João P.S. Catalão

Research output: Contribution to journalJournal articleResearchpeer-review

Abstract

Clean Energy sources, such as wind and solar, have become an inseparable part of today's power grids. However, the intermittent nature of these sources has become the greatest challenge for their owners, which makes the bidding in the restructured electricity market more challenging. Hence, the main goal of this paper is to propose a novel multi-objective bidding strategy framework for a wind-thermal-photovoltaic system in the deregulated electricity market for the first time. Contrary to the existing bidding models, in the proposed model, two objective functions are taken into account that the first one copes with profit maximization while the second objective function concerns with emission minimization of thermal units. The proposed multi-objective optimization problem is solved using the weighted sum approach. The uncertainties associated with electricity market prices and the output power of renewable energy sources are characterized by a set of scenarios. Ultimately, in order to select the best-compromised solution among the obtained Pareto optimal solutions, two diverse approaches are applied. The proposed bidding strategy problem is being formulated and examined in various modes of joint and disjoint operation of dispatchable and non-dispatchable energy sources. Simulation results illustrate that not only the integrated participation of these resources increases the producer's expected profit, but also decreases the amount of the produced pollution by the thermal units.
Original languageEnglish
JournalJournal of Cleaner Production
Volume242
ISSN0959-6526
DOIs
Publication statusPublished - 2020

Fingerprint

photovoltaic system
electricity
market
Profitability
Multiobjective optimization
Pollution
pollution
resource
simulation
Uncertainty
Hot Temperature
Power markets
Electricity market
Integrated
Bidding strategy
energy source
profit
Energy sources
Bidding
Objective function

Keywords

  • Integrated operation
  • Bidding strategy
  • Multi-objective optimization
  • Wind-thermal-Photovoltaic system
  • Weighted-sum technique
  • Emission trading

Cite this

Khaloie, Hooman ; Abdollahi, Amir ; Shafie-Khah, Miadreza ; Siano, Pierluigi ; Nojavan, Sayyad ; Anvari-Moghaddam, Amjad ; Catalão, João P.S. . / Co-optimized bidding strategy of an integrated wind-thermal-photovoltaic system in deregulated electricity market under uncertainties. In: Journal of Cleaner Production. 2020 ; Vol. 242.
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abstract = "Clean Energy sources, such as wind and solar, have become an inseparable part of today's power grids. However, the intermittent nature of these sources has become the greatest challenge for their owners, which makes the bidding in the restructured electricity market more challenging. Hence, the main goal of this paper is to propose a novel multi-objective bidding strategy framework for a wind-thermal-photovoltaic system in the deregulated electricity market for the first time. Contrary to the existing bidding models, in the proposed model, two objective functions are taken into account that the first one copes with profit maximization while the second objective function concerns with emission minimization of thermal units. The proposed multi-objective optimization problem is solved using the weighted sum approach. The uncertainties associated with electricity market prices and the output power of renewable energy sources are characterized by a set of scenarios. Ultimately, in order to select the best-compromised solution among the obtained Pareto optimal solutions, two diverse approaches are applied. The proposed bidding strategy problem is being formulated and examined in various modes of joint and disjoint operation of dispatchable and non-dispatchable energy sources. Simulation results illustrate that not only the integrated participation of these resources increases the producer's expected profit, but also decreases the amount of the produced pollution by the thermal units.",
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Co-optimized bidding strategy of an integrated wind-thermal-photovoltaic system in deregulated electricity market under uncertainties. / Khaloie, Hooman; Abdollahi, Amir ; Shafie-Khah, Miadreza ; Siano, Pierluigi ; Nojavan, Sayyad ; Anvari-Moghaddam, Amjad; Catalão, João P.S. .

In: Journal of Cleaner Production, Vol. 242, 2020.

Research output: Contribution to journalJournal articleResearchpeer-review

TY - JOUR

T1 - Co-optimized bidding strategy of an integrated wind-thermal-photovoltaic system in deregulated electricity market under uncertainties

AU - Khaloie, Hooman

AU - Abdollahi, Amir

AU - Shafie-Khah, Miadreza

AU - Siano, Pierluigi

AU - Nojavan, Sayyad

AU - Anvari-Moghaddam, Amjad

AU - Catalão, João P.S.

PY - 2020

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N2 - Clean Energy sources, such as wind and solar, have become an inseparable part of today's power grids. However, the intermittent nature of these sources has become the greatest challenge for their owners, which makes the bidding in the restructured electricity market more challenging. Hence, the main goal of this paper is to propose a novel multi-objective bidding strategy framework for a wind-thermal-photovoltaic system in the deregulated electricity market for the first time. Contrary to the existing bidding models, in the proposed model, two objective functions are taken into account that the first one copes with profit maximization while the second objective function concerns with emission minimization of thermal units. The proposed multi-objective optimization problem is solved using the weighted sum approach. The uncertainties associated with electricity market prices and the output power of renewable energy sources are characterized by a set of scenarios. Ultimately, in order to select the best-compromised solution among the obtained Pareto optimal solutions, two diverse approaches are applied. The proposed bidding strategy problem is being formulated and examined in various modes of joint and disjoint operation of dispatchable and non-dispatchable energy sources. Simulation results illustrate that not only the integrated participation of these resources increases the producer's expected profit, but also decreases the amount of the produced pollution by the thermal units.

AB - Clean Energy sources, such as wind and solar, have become an inseparable part of today's power grids. However, the intermittent nature of these sources has become the greatest challenge for their owners, which makes the bidding in the restructured electricity market more challenging. Hence, the main goal of this paper is to propose a novel multi-objective bidding strategy framework for a wind-thermal-photovoltaic system in the deregulated electricity market for the first time. Contrary to the existing bidding models, in the proposed model, two objective functions are taken into account that the first one copes with profit maximization while the second objective function concerns with emission minimization of thermal units. The proposed multi-objective optimization problem is solved using the weighted sum approach. The uncertainties associated with electricity market prices and the output power of renewable energy sources are characterized by a set of scenarios. Ultimately, in order to select the best-compromised solution among the obtained Pareto optimal solutions, two diverse approaches are applied. The proposed bidding strategy problem is being formulated and examined in various modes of joint and disjoint operation of dispatchable and non-dispatchable energy sources. Simulation results illustrate that not only the integrated participation of these resources increases the producer's expected profit, but also decreases the amount of the produced pollution by the thermal units.

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KW - Wind-thermal-Photovoltaic system

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KW - Emission trading

U2 - 10.1016/j.jclepro.2019.118434

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