scholarly journals Analyzing Electricity Markets with Increasing Penetration of Large-Scale Renewable Power Generation

Energies ◽  
2021 ◽  
Vol 14 (22) ◽  
pp. 7618
Author(s):  
Chris Johnathon ◽  
Ashish Prakash Agalgaonkar ◽  
Joel Kennedy ◽  
Chayne Planiden
Keyword(s):  
Electricity Markets ◽  
Electricity Market ◽  
Large Scale ◽  
Future Research ◽  
Market Models ◽  
Energy Mix ◽  
Renewable Power ◽  
Energy Technologies ◽  
Competitive Prices ◽  
Distinct Features

Global electricity markets are undergoing a rapid transformation in their energy mix to meet commitments towards sustainable electric grids. This change in energy mix engenders significant challenges, specifically concerning the management of non-dispatchable energy resources. System and market operators are required to meet power system security and reliability requirements whilst providing electricity at competitive prices. An overview of electricity markets is provided in this paper with a critical appraisal of each market’s ability to manage the large-scale energy mix transition. This paper provides a commentary on the distinct features of electricity market models implemented around the world and highlights the barriers within these market models that are hindering the energy mix transition. Various researchers and policymakers are proposing solutions and market reforms for the smooth transitioning of the energy mix. This paper presents a systematic review of the proposed solutions in the literature and critiques the effectiveness and ease of implementation of the reviewed solutions. Research gaps and future research directions are indicated to promote further exploration towards the effective integration of large-scale renewable energy technologies.

scholarly journals Supply curves for hydro reservoirs – Estimation and usage in large-scale electricity market models

2020 ◽  
Vol 87 ◽  
pp. 104696 ◽  
Author(s):  
Christopher Jahns ◽  
Caroline Podewski ◽  
Christoph Weber
Keyword(s):  
Electricity Market ◽  
Large Scale ◽  
Market Models

scholarly journals Solving Bid-Based Dynamic Economic Dispatch in Competitive Electricity Market Using Improved Simulated Annealing Algorithm

2020 ◽  
Vol 7 (4) ◽  
pp. 621-630
Author(s):  
Riyadh Bouddou ◽  
Farid Benhamida ◽  
Ismail Ziane ◽  
Amine Zeggai ◽  
Moussa Belgacem
Keyword(s):  
Simulated Annealing ◽  
Power Systems ◽  
Electricity Markets ◽  
Electricity Market ◽  
Large Scale ◽  
Simulated Annealing Algorithm ◽  
Economic Dispatch ◽  
Unit System ◽  
Annealing Algorithm ◽  
Dynamic Economic Dispatch

Electricity markets are open after the deregulation of power systems due to competition. An optimization problem based on dynamic economic dispatch has recently come up in the new context of deregulated power systems known as bid-based dynamic economic dispatch (BBDED). It is one of the major operations and control functions in the electricity markets used to determine the optimal operations of market participants with scheduled load demands during a specified period. BBDED involves power generation companies (GENCOs) and customers to submit energy and price bids to the independent system operator (ISO) in a day-ahead market. The ISO clears the market with the objective of social profit maximization. In this paper, a BBDED problem is solved using an improved simulated annealing algorithm (ISA), including system constraints with different periods under bidding strategies. The proposed ISA technique is implemented in MATLAB and applied on a 3-unit system, a 6-unit system, and a 40-unit large-scale system. The proposed ISA is evaluated by comparison with relevant methods available in the literature, to demonstrate and confirm its potential in terms of convergence, robustness, and effectiveness for solving the BBDED problem.

scholarly journals Markets for data

2020 ◽  
Vol 29 (3) ◽  
pp. 645-660
Author(s):  
Pantelis Koutroumpis ◽  
Aija Leiponen ◽  
Llewellyn D W Thomas
Keyword(s):  
Data Exchange ◽  
Large Scale ◽  
Market Design ◽  
Design Approach ◽  
Future Research ◽  
Efficient Market ◽  
Research Directions ◽  
Market Models ◽  
Efficient Data ◽  
Future Research Directions

Abstract Although datasets are abundant and assumed to be immensely valuable, they are not being shared or traded openly and transparently on a large scale. We investigate the nature of data trading with a conceptual market design approach and demonstrate the importance of provenance to overcome appropriability and quality concerns. We consider the requirements for efficient data exchange, comparing existing trading arrangements against efficient market models and show that it is possible to achieve either large markets with little control or small markets with greater control. We describe some future research directions.

scholarly journals Multistage Stochastic Programming for VPP Trading in Continuous Intraday Electricity Markets

2021 ◽  
Author(s):  
Priyanka Shinde ◽  
Iasonas Kouveliotis-Lysikatos ◽  
Mikael Amelin
Keyword(s):  
Stochastic Programming ◽  
Electricity Markets ◽  
Electricity Market ◽  
Power Plants ◽  
Large Scale ◽  
Renewable Energy Sources ◽  
Programming Approach ◽  
Multistage Stochastic Programming ◽  
Hydro Power ◽  
Dual Dynamic Programming

<div>The stochastic nature of renewable energy sources has increased the need for intraday trading in electricity markets. Intraday markets provide the possibility to the market participants to modify their market positions based on their updated forecasts. In this paper, we propose a multistage stochastic programming approach to model the trading of a Virtual Power Plant (VPP), comprising thermal, wind and hydro power plants, in the Continuous Intraday (CID) electricity market. The order clearing in the CID market is enabled by the two presented models, namely the Immediate Order Clearing (IOC) and the Partial Order Clearing (POC). We tackle the proposed problem with a modified version of Stochastic Dual Dynamic Programming (SDDP) algorithm. The functionality of our model is demonstrated by performing illustrative and large scale case studies and comparing the performance with a benchmark model.</div>

scholarly journals Assessing Socioeconomic Impacts of Integrating Distributed Energy Resources in Electricity Markets through Input-Output Models

Energies ◽  
2019 ◽  
Vol 12 (23) ◽  
pp. 4486
Author(s):  
Carmen Ramos Carvajal ◽  
Ana Salomé García-Muñiz ◽  
Blanca Moreno Cuartas
Keyword(s):  
Electricity Markets ◽  
Electricity Market ◽  
Power Plants ◽  
Large Scale ◽  
Market Price ◽  
Total Output ◽  
Input Output ◽  
Economic Sectors ◽  
Socioeconomic Impacts ◽  
Virtual Power Plants

In competitive electricity markets, the growth of electricity generated by renewable sources will reduce the market price of electricity assuming marginal cost pricing. However, small renewable distributed generation (RDG) alone cannot modify the formation of electricity prices. By aggregating small RDG units into a Virtual Power Plants (as a single unit market) they are capable of dealing at the wholesale electricity market analogous to large-scale producer following in changes in wholesale prices. This paper investigates the socioeconomic impacts of different type of RDG technologies on Spanish economic sectors and households. To this end, we applied an input-output price model to detail the activities more sensitive to changes in electricity price due to RDG technologies deployment and the associated modifications in income and total output associated with the households’ consumption variation. Detailed Spanish electricity generation disaggregation of the latest available Spanish Input-Output table, which refers to 2015, was considered. It was found that the integration of RDG units in the electricity market project a better situation for the economy and Spanish households. This paper’s scope and information can be used to benefit decision-making with respect to electricity pricing policies.

scholarly journals Multistage Stochastic Programming for VPP Trading in Continuous Intraday Electricity Markets

2021 ◽  
Author(s):  
Priyanka Shinde ◽  
Iasonas Kouveliotis-Lysikatos ◽  
Mikael Amelin
Keyword(s):  
Stochastic Programming ◽  
Electricity Markets ◽  
Electricity Market ◽  
Power Plants ◽  
Large Scale ◽  
Renewable Energy Sources ◽  
Programming Approach ◽  
Multistage Stochastic Programming ◽  
Hydro Power ◽  
Dual Dynamic Programming

<div>The stochastic nature of renewable energy sources has increased the need for intraday trading in electricity markets. Intraday markets provide the possibility to the market participants to modify their market positions based on their updated forecasts. In this paper, we propose a multistage stochastic programming approach to model the trading of a Virtual Power Plant (VPP), comprising thermal, wind and hydro power plants, in the Continuous Intraday (CID) electricity market. The order clearing in the CID market is enabled by the two presented models, namely the Immediate Order Clearing (IOC) and the Partial Order Clearing (POC). We tackle the proposed problem with a modified version of Stochastic Dual Dynamic Programming (SDDP) algorithm. The functionality of our model is demonstrated by performing illustrative and large scale case studies and comparing the performance with a benchmark model.</div>

scholarly journals Weather dependent estimation of continent-wide wind power generation based on spatio-temporal clustering

2017 ◽  
Vol 14 ◽  
pp. 131-138 ◽  
Author(s):  
Bruno U. Schyska ◽  
António Couto ◽  
Lueder von Bremen ◽  
Ana Estanqueiro ◽  
Detlev Heinemann
Keyword(s):  
Power Generation ◽  
Wind Power ◽  
Electricity Market ◽  
Large Scale ◽  
Wind Farms ◽  
Wind Power Generation ◽  
Stable Operation ◽  
Temporal Clustering ◽  
Renewable Power ◽  
Spatio Temporal

Abstract. Europe is facing the challenge of increasing shares of energy from variable renewable sources. Furthermore, it is heading towards a fully integrated electricity market, i.e. a Europe-wide electricity system. The stable operation of this large-scale renewable power system requires detailed information on the amount of electricity being transmitted now and in the future. To estimate the actual amount of electricity, upscaling algorithms are applied. Those algorithms – until now – however, only exist for smaller regions (e.g. transmission zones and single wind farms). The aim of this study is to introduce a new approach to estimate Europe-wide wind power generation based on spatio-temporal clustering. We furthermore show that training the upscaling model for different prevailing weather situations allows to further reduce the number of reference sites without losing accuracy.

scholarly journals Analysis of New Flexibility Market Models in Europe

Energies ◽  
2021 ◽  
Vol 14 (12) ◽  
pp. 3521
Author(s):  
Orlando Valarezo ◽  
Tomás Gómez ◽  
José Pablo Chaves-Avila ◽  
Leandro Lind ◽  
Mauricio Correa ◽  
...  
Keyword(s):  
Electricity Markets ◽  
Distribution System ◽  
Policy Implications ◽  
Future Research ◽  
Distributed Resources ◽  
Research Directions ◽  
Market Models ◽  
Economic Justification ◽  
Future Research Directions ◽  
Alternative Designs

To identify the trends in new flexibility markets, a set of market and aggregator platforms were selected and compared. The analyzed initiatives are relevant to consider alternative designs for European electricity markets. This review proposes a common methodology for analyzing these market models by comparing their description, market structure, market timing, and implementation. Furthermore, a range of policy implications and future research directions towards implementing these markets are presented. The results provide compelling evidence that the new market models represent a promising business with technical and economic justification, as they incentivize the uptake of flexibility from distributed resources by providing services to Distribution System Operators (DSOs) in coordination with Transmission System Operators (TSOs). Moreover, the interactions between these new market platforms and existing markets are of particular interest, and the contributions from aggregator platforms are also relevant to enhance the political vision of empowering the customers through their active participation in markets.

Change of Attitude, Technology and Practice: Identifying the Change for Increased Value Creation with Customer Co-creation

2017 ◽  
Vol 5 (1) ◽  
pp. 70-82
Author(s):  
Soumi Paul ◽  
Paola Peretti ◽  
Saroj Kumar Datta
Keyword(s):  
Social Media ◽  
New Product Development ◽  
Value Creation ◽  
Large Scale ◽  
Customer Orientation ◽  
Customer Relationships ◽  
Future Research ◽  
Management Competencies ◽  
Business Decisions ◽  
Prime Concern

Building customer relationships and customer equity is the prime concern in today’s business decisions. The emergence of internet, especially social media like Facebook and Twitter, changed traditional marketing thought to a great extent. The importance of customer orientation is reflected in the axiom, “The customer is the king”. A good number of organizations are engaging customers in their new product development activities via social media platforms. Co-creation, a new perspective in which customers are active co-creators of the products they buy and use, is currently challenging the traditional paradigm. The concept of co-creation involving the customer’s knowledge, creativity and judgment to generate value is considered not only an upcoming trend that introduces new products or services but also fitting their need and increasing value for money. Knowledge and innovation are inseparable. Knowledge management competencies and capacities are essential to any organization that aspires to be distinguished and innovative. The present work is an attempt to identify the change in value creation procedure along with one area of business, where co-creation can return significant dividends. It is on extending the brand or brand category through brand extension or line extension. This article, through an in depth literature review analysis, identifies the changes in every perspective of this paradigm shift and it presents a conceptual model of company-customer-brand-based co-creation activity via social media. The main objective is offering an agenda for future research of this emerging trend and ensuring the way to move from theory to practice. The paper acts as a proposal; it allows the organization to go for this change in a large scale and obtain early feedback on the idea presented. 

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