Exploiting Flexibility in Coupled Electricity and Natural Gas Markets: A Price-Based Approach

Research output: Chapter in Book/Report/Conference proceedingArticle in proceedings – Annual report year: 2017Researchpeer-review

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Natural gas-fired power plants (NGFPPs) are considered a highly flexible component of the energy system and can facilitate the large-scale integration of intermittent renewable generation. Therefore, it is necessary to improve the coordination between electric power and natural gas systems. Considering a market-based coupling of these systems, we introduce a decision support tool that increases market efficiency in the current setup where day-ahead and balancing markets are cleared sequentially. The proposed approach relies on the optimal adjustment of natural gas price to modify the scheduling of power plants and reveals the necessary flexibility to handle stochastic renewable production. An essential property of this price-based approach is that it guarantees no financial imbalance (deficit or surplus) for the system operator at the day-ahead stage. Our analysis shows that the proposed mechanism reduces the expected system cost and efficiently accommodates high shares of renewables.
Original languageEnglish
Title of host publicationProceedings of IEEE PES PowerTech Conference 2017
Number of pages6
PublisherIEEE
Publication date2017
ISBN (Print)9781509042371
DOIs
Publication statusPublished - 2017
Event12th IEEE Power and Energy Society PowerTech Conference: Towards and Beyond Sustainable Energy Systems - University Place, University of Manchester., Manchester, United Kingdom
Duration: 18 Jun 201722 Jun 2017

Conference

Conference12th IEEE Power and Energy Society PowerTech Conference
LocationUniversity Place, University of Manchester.
CountryUnited Kingdom
CityManchester
Period18/06/201722/06/2017
CitationsWeb of Science® Times Cited: No match on DOI

    Research areas

  • Bilevel programming, Electricity markets, Natural gas markets, Stochastic programming
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