Please use this identifier to cite or link to this item:
http://hdl.handle.net/10397/93959
Title: | Risk-constrained offering strategy for a hybrid power plant consisting of wind power producer and electric vehicle aggregator | Authors: | Gao, X Chan, KW Xia, S Zhou, B Lu, X Xu, D |
Issue Date: | 15-Jun-2019 | Source: | Energy, 15 June 2019, v. 177, p. 183-191 | Abstract: | Renewable energy producers such as wind power producers (WPP) and electric vehicle (EV) aggregators are playing an increasingly important role in the electricity market as their large capacity could strategically influence the electricity price. This paper proposes a bi-level stochastic optimization model of offering strategy for an aggregated WPP-EV hybrid power plant (HPP) as a price maker in the day-ahead (DA) market while considering the uncertainties of the energy production and spot price in the real-time (RT) market. While the HPP's profits is maximized in the upper level of the proposed model with the use of conditional-value-at-risk (CVaR) to manage the risk of expected revenues, the social welfare from the perspective of the grid is maximized in the lower level. The formulated bi-level model is first transformed into a single-level mathematical program with equilibrium constraints (MPEC) and then further transformed into a mixed integer linear programming (MILP) problem for solution. Simulation results have demonstrated the effectiveness of the proposed HPP model with strategically bidding price to increase profits and reduce volatility of profits by considering the risk-metric. | Keywords: | Electric vehicle Hybrid power plant Offering strategy Renewable energy |
Publisher: | Pergamon Press | Journal: | Energy | ISSN: | 0360-5442 | EISSN: | 1873-6785 | DOI: | 10.1016/j.energy.2019.04.048 | Rights: | © 2019 Elsevier Ltd. All rights reserved. © 2019. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/. The following publication Gao, X., Chan, K. W., Xia, S., Zhou, B., Lu, X., & Xu, D. (2019). Risk-constrained offering strategy for a hybrid power plant consisting of wind power producer and electric vehicle aggregator. Energy, 177, 183-191 is available at https://doi.org/10.1016/j.energy.2019.04.048. |
Appears in Collections: | Journal/Magazine Article |
Files in This Item:
File | Description | Size | Format | |
---|---|---|---|---|
Gao_Risk-Constrained_Offering_Strategy.pdf | Pre-Published version | 1.19 MB | Adobe PDF | View/Open |
Page views
50
Last Week
1
1
Last month
Citations as of Apr 28, 2024
Downloads
62
Citations as of Apr 28, 2024
SCOPUSTM
Citations
30
Citations as of Apr 26, 2024
WEB OF SCIENCETM
Citations
26
Citations as of May 2, 2024
Google ScholarTM
Check
Altmetric
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.