Energy trading strategy for storage-based renewable power plants
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Despite the continuous growth and the widespread support of renewable energy sources, solar and wind power plants pose new challenges for Transmission System Operators and Distribution System Operators. Their uncontrollability limits their applicability; therefore, to encourage their further growth, fundamental modifications are needed. The research presented in this paper focuses on the predictive control of storage-based renewable power plants, and suggests a new model for profit optimization. Profit optimization is based on electricity price prediction and effective trading strategies that match the projected electricity prices. For the electricity price prediction, a recurrent Long Short-Term Memory neural network was developed and fine-tuned. For the optimization of the electricity trading, two trading strategies, namely an adaptive gradient-descent method and a differential evolution method were developed. Both optimization techniques were tested on mathematical models of most commercially available hybrid inverter systems and one year of historical data of electricity prices. As a result, a novel model predictive control workflow and sizing guide is proposed, which may significantly increase the profit generated by the system.Keywords:
Model Predictive Control
Stand-alone power system
This paper analyzes the impact of storage installations on grid electricity demand. Storage systems allow the decoupling of consumption from electricity generation and therefore have the potential to change the daily demand profile seen by the network in a significant way. This has far reaching consequences for many stakeholders, as changes in the net demand would for example impact electricity prices or change the requirements for peak generation. The developed approach considers the installation of storage devices to increase self-consumption of locally generated electricity in a residential and small commercial end users context as well as its application for electricity arbitrage. Assumptions about their implementation on a system level are described and their impact on overall electricity demand is determined considering the German case.
Electricity retailing
Stand-alone power system
Decoupling (probability)
Consumption
Electricity demand
Peak demand
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Directive
Promotion (chess)
Consumption
Electricity retailing
Electricity system
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About the intelligent decision making system for dynamic electricity pricing on renewable microgrids
A new approach to solving the problem of interaction between the main suppliers of electricity and private generating stations of different nature in the island renewable energy micro-grids. This approach can be used for small power islands with different natural conditions, which stipulate the use of solar, wind or other energy sources in order to evaluate the dynamic electricity pricing.
Dynamic Pricing
Electricity pricing
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Stand-alone power system
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The carbon neutrality strategy marks that green electricity will replace fossil energy as the main power source in the future power system. The trading varieties in the electricity market will be more diverse, and the demand for green electricity by consumers will grow significantly. This paper innovatively proposes a provincial market framework for voluntary flexible trading of green electricity while elaborating on the conceptual design of differentiated green electricity trading processes in a systematic way for Zhejiang province. The proposed framework can not only reflect the carbon emission reduction attributes of green electricity but also fully exploit its commercial and social values. Moreover, the proposed green electricity trading certificate can realize the authoritative certification of green electricity consumption and help the construction of a carbon traceability mechanism. The proposed trading mechanism is expected to give rise to a new green electricity service industry and deepen the reform of the carbon and electricity synergy mechanism. The experience of green electricity trading in the Zhejiang province is expected to reveal the promotive impact of the electricity market on the carbon neutrality strategy.
Electricity retailing
Electric Power Industry
Carbon neutrality
Stand-alone power system
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Electric power trading has been adopted in many countries. In this paper, we focus on community-based electricity markets to reduce a demand of electric power and ensure an balancing supply of energy for renewable energy. The community can be defined as a domestic group of individual homes. We assume a community has a larger battery that can be shared by individual homes. In the real world, community-based battery sharing has been focused on as a useful electricity buffer in crisis situations and also for stabilizing usage of electricity in a domestic area. In this paper, we build several domestic electric power management agent models by using Japanese power consumption data and meteorological data. We evaluate community-based electricity markets by using agent-based simulation, in which the validity of the large-sized storage battery in a community is confirmed regarding the load mitigation to a power network.
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A smart municipal energy grid including electricity and heat production infrastructure and electricity demand response has been modelled in HOMER case study with goal to decrease total community yearly energy costs. The optimal configuration and sizing, with minimal costs, have been presented and compared using scenarios. Smart municipal energy grids will have an important role in future electricity markets. Their flexibility as participants in electricity markets is increased with possibility to utilize excess electricity production from CHP and variable renewable energy sources through heat storage. The costs and technical, economical and environmental benefits of smart municipal energy grids will be discussed followed with conclusion.
Variable renewable energy
Electricity retailing
Demand Response
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Alternative sources of electricity have been growing recently despite their intermittence, which makes it impossible for these sources to guarantee constant and uninterrupted supply of electricity. Energy storage systems, such as pumped-storage (PS) power plants, can help to mitigate the intermittence of these sources. In Brazil, intense growth of intermittent sources has led the generation sector to high exposure to the spot market. Thus, Brazilian electricity sector has recently turned its attention to energy storage methods as a way of diminishing such exposure. However, Brazilian electricity-sector regulatory framework is not prepared for energy storage systems remuneration. This paper proposes a regulatory framework to insert hybrid electric generation units composed of PS and intermittent sources in Brazilian energy market. A linear optimization model exemplifies the operation of such system by minimizing costs for 1 day. The model was tested in three different scenarios, allowing comparison of operational costs and other aspects of the operation. The results demonstrate how a PS can help covering peak demand by storing energy to be used at moments when generation from intermittent sources is not sufficient. In the proposed regulatory framework for hybrid plants, expenses with spot market purchases can be diminished either by completely avoiding it or by purchasing only during lower demand level periods.
Remuneration
Stand-alone power system
Mains electricity
Peak demand
Spot market
Electricity retailing
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Main challenges within the energy system of tomorrow are more volatile, less controllable and at the same time more decentralized electricity generation. Furthermore, the increasing research and development activities on electric vehicles (EV) make a significant share of electric vehicles within the passenger car fleet in 2030 more and more likely. This will lead to a further increase of power demand during peak hours. Answers to these challenges are seen, besides measures on the electricity supply side (e. g. investing in more flexible power plants or storage plants), in (1) grid extensions, which are expensive and time consuming due to local acceptance, and in (2) influencing electricity demand by different demand side management (DSM) approaches. Automatic delayed charging of electric vehicles as one demand side management approach can help to avoid peaks in household load curves and, even more, increase the low electricity demand during the night. This facilitates integrating more volatile regenerative power sources, too. Bidirectional charging (V2G) and storing of electricity extends the possibilities to integrate electric vehicles into the grid. But, comparing electricity storage costs and availability of electric vehicles with costs and technical conditions of other technologies leads to the conclusion, that vehicle to grid (V2G) is currently not competitive - but might be competitive in the future, e. g. within the electricity reserve market. In summary, the paper gives an overview of the future electricity market with the focus on electric vehicles and argues for automatic delayed charging of electric vehicles due to economic and technical reasons.
Vehicle-to-Grid
Electricity retailing
Mains electricity
Demand side
Stand-alone power system
Peak demand
Demand Response
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With the expansion of renewables in the electricity markets, research on electricity storage economics is needed for a better understanding of the utilization of these systems and for improving the performance of intermittent variable generation. Collected up-to-date research of electricity storage systems published in a wide range of articles with high impact factors gives a comprehensive review of the current studies regarding all relevant parameters for storage utilization in the electricity markets. Valuable research of technical characteristics from the literature is broadened with the electricity storage analyses from an economic point-of-view. Analysis of selected technologies, considering different perspectives such as their profitability, technical maturity, and environmental aspect, is a valuable addition to the previous research on electricity storage systems. Comparing conducted analysis with the selected literature, electricity storage technologies are analyzed concerning their viability in the electricity markets. Given the current outlook of the electricity market, the main problems for storage's wider integration are still energy storage costs. These can be overcome with different applications of energy storage systems, integration of new market players, or a combination of storage technologies along with the implementation of new energy policies for storage.
Stand-alone power system
Electricity retailing
Variable renewable energy
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In recent years, residential electricity consumption has continued to grow rapidly, and the cross-subsidy problem has become more serious. The current residential tiered electricity price mechanism plays a rather limited role in energy saving. In order to study the actual situation of residential electricity consumption, ensure the fair participation of industrial and commercial users in the electricity market, promote energy conservation and emission reduction, and maximize social welfare, many related studies have been produced. On the basis of predecessors, this paper combs the domestic and foreign residential electricity price pricing theory, analyzes the current domestic residential electricity price, and establishes the residential step electricity price optimization model. Through the analysis of four kinds of residential stepwise electricity price, it provides support for the establishment of residential electricity price, and also provides ideas for improving the management level of power grid enterprises.
Consumption
Electricity retailing
Electricity pricing
Stand-alone power system
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