Impact of Imbalance Settlement System Design on Risk-Averse Energy Storage
2020
The imbalance of a balance responsible party is the deviation of its real-time energy use/delivery from its contracted position. Real-time imbalance is today settled in different ways depending on the country and price area. However, the design of the imbalance settlement system can have a high impact on the bidding strategy of a balance responsible party and its expected imbalance. In this paper, the bidding strategy of a balance responsible party under different imbalance settlement system designs is modeled. Furthermore, the risk-aversion of a balance responsible party managing an energy storage system and the impact on its profitability is studied.
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