Abstract
| Original language | English |
|---|---|
| Journal | I E E E Transactions on Sustainable Energy |
| Volume | 9 |
| Issue number | 2 |
| Pages (from-to) | 582 - 598 |
| ISSN | 1949-3029 |
| DOIs | |
| Publication status | Published - 2018 |
Bibliographical note
(c) 2017 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other users, including reprinting/ republishing this material for advertising or promotional purposes, creating new collective works for resale or redistribution to servers or lists, or reuse of any copyrighted components of this work in other works.Keywords
- Energy storage system
- Energy
- Reserve
- Balancing market
- Strategic bidding
Cite this
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A Bilevel Model for Participation of a Storage System in Energy and Reserve Markets. / Nasrolahpour, Ehsan; Kazempour, Jalal; Zareipour, Hamidreza; Rosehart, William D.
In: I E E E Transactions on Sustainable Energy, Vol. 9, No. 2, 2018, p. 582 - 598.Research output: Contribution to journal › Journal article › Research › peer-review
TY - JOUR
T1 - A Bilevel Model for Participation of a Storage System in Energy and Reserve Markets
AU - Nasrolahpour, Ehsan
AU - Kazempour, Jalal
AU - Zareipour, Hamidreza
AU - Rosehart, William D.
N1 - (c) 2017 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other users, including reprinting/ republishing this material for advertising or promotional purposes, creating new collective works for resale or redistribution to servers or lists, or reuse of any copyrighted components of this work in other works.
PY - 2018
Y1 - 2018
N2 - We develop a decision-making tool based on a bilevel complementarity model for a merchant price-maker energy storage system to determine the most beneficial trading actions in pool-based markets, including day-ahead (as joint energy and reserve markets) and balancing settlements. The uncertainty of net load deviation in real-time is incorporated into the model using a set of scenarios generated from the available forecast in the day-ahead. The objective of this energy storage system is to maximize its expected profit. The day-ahead products of energy storage system include energy as well as reserve commitment (as one of the ancillary services), whereas its balancing product is the energy deployed from the committed reserve. The proposed model captures the interactions of different markets and their impacts on the functioning of the storage system. It also provides an insight for storage system into clearing process of multiple markets and enables such a facility to possibly affect the outcomes of those markets to its own benefit through strategic price and quantity offers. The validity of the proposed approach is evaluated using a numerical study.
AB - We develop a decision-making tool based on a bilevel complementarity model for a merchant price-maker energy storage system to determine the most beneficial trading actions in pool-based markets, including day-ahead (as joint energy and reserve markets) and balancing settlements. The uncertainty of net load deviation in real-time is incorporated into the model using a set of scenarios generated from the available forecast in the day-ahead. The objective of this energy storage system is to maximize its expected profit. The day-ahead products of energy storage system include energy as well as reserve commitment (as one of the ancillary services), whereas its balancing product is the energy deployed from the committed reserve. The proposed model captures the interactions of different markets and their impacts on the functioning of the storage system. It also provides an insight for storage system into clearing process of multiple markets and enables such a facility to possibly affect the outcomes of those markets to its own benefit through strategic price and quantity offers. The validity of the proposed approach is evaluated using a numerical study.
KW - Energy storage system
KW - Energy
KW - Reserve
KW - Balancing market
KW - Strategic bidding
U2 - 10.1109/TSTE.2017.2749434
DO - 10.1109/TSTE.2017.2749434
M3 - Journal article
VL - 9
SP - 582
EP - 598
JO - I E E E Transactions on Sustainable Energy
JF - I E E E Transactions on Sustainable Energy
SN - 1949-3029
IS - 2
ER -