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A Probabilistic Spot Market Design for Reducing Real-Time Balancing Costs
KTH, School of Electrical Engineering (EES), Electric Power Systems.ORCID iD: 0000-0003-0906-4337
KTH, School of Electrical Engineering (EES), Electric Power Systems.
KTH, School of Electrical Engineering (EES), Electric Power Systems.
2014 (English)In: 2014 IEEE PES General Meeting - Conference & Exposition, IEEE Computer Society, 2014, Vol. 2014-October, 6939556Conference paper, Published paper (Refereed)
Abstract [en]

Balancing services are used for maintaining the continuous balance between generation and load in the system and keep the frequency stable on its nominal value. The demand for balancing services is increasing with the growing penetration of wind generation into the electricity industry. It is clearly seen that a major challenge of the coming environment for the electricity market is reducing the procurement cost of balancing services. This paper presents a probabilistic spot market model based on integration of day-ahead spot market and the real-time balancing market which aims to trade off preventive actions in the day-ahead spot market with corrective actions in the real-time balancing market. The proposed model is formulated as a bi-level optimization problem. To solve it, the inner optimization problem (reflecting the real-time balancing market) was substituted by its equivalent Karush-Kuhn-Tucker optimality conditions. Conventional spot market model is used as a benchmark in this study. The proposed and conventional spot market designs are applied to modified Nordic 32-bus example system. Comparison of results point out the benefits of the proposed approach over the traditional model.

Place, publisher, year, edition, pages
IEEE Computer Society, 2014. Vol. 2014-October, 6939556
Series
IEEE Power and Energy Society General Meeting PESGM, ISSN 1944-9925
Keyword [en]
Economic and social effects, Electric industry, Optimization, Bi-level optimization, Corrective actions, Electricity industry, Electricity market, Karush Kuhn Tucker optimality condition, Optimization problems, Procurement costs, Traditional models
National Category
Energy Engineering
Identifiers
URN: urn:nbn:se:kth:diva-164507DOI: 10.1109/PESGM.2014.6939556ISI: 000349551504090Scopus ID: 2-s2.0-84930989512ISBN: 978-1-4799-6415-4 (print)OAI: oai:DiVA.org:kth-164507DiVA: diva2:806004
Conference
2014 IEEE Power and Energy Society General Meeting, National Harbor, United States, 27 July 2014 through 31 July 2014
Note

QC 20150417

Available from: 2015-04-17 Created: 2015-04-17 Last updated: 2017-01-16Bibliographically approved

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CiteExportLink to record
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Citation style
  • apa
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