15,048 research outputs found
Transforming Energy Networks via Peer to Peer Energy Trading: Potential of Game Theoretic Approaches
Peer-to-peer (P2P) energy trading has emerged as a next-generation energy
management mechanism for the smart grid that enables each prosumer of the
network to participate in energy trading with one another and the grid. This
poses a significant challenge in terms of modeling the decision-making process
of each participant with conflicting interest and motivating prosumers to
participate in energy trading and to cooperate, if necessary, for achieving
different energy management goals. Therefore, such decision-making process
needs to be built on solid mathematical and signal processing tools that can
ensure an efficient operation of the smart grid. This paper provides an
overview of the use of game theoretic approaches for P2P energy trading as a
feasible and effective means of energy management. As such, we discuss various
games and auction theoretic approaches by following a systematic classification
to provide information on the importance of game theory for smart energy
research. Then, the paper focuses on the P2P energy trading describing its key
features and giving an introduction to an existing P2P testbed. Further, the
paper zooms into the detail of some specific game and auction theoretic models
that have recently been used in P2P energy trading and discusses some important
finding of these schemes.Comment: 38 pages, single column, double spac
Contingency Management in Power Systems and Demand Response Market for Ancillary Services in Smart Grids with High Renewable Energy Penetration.
Ph.D. Thesis. University of Hawaiʻi at Mānoa 2017
Impact of strategic behavior and ownership of energy storage on provision of flexibility
Energy Storage Systems (ESS) are expected to provide additional flexibility to managed variable power flows in future power systems. It is believed that the business case for ESS as an alternative to traditional network reinforcements can be improved if the assets are able to access additional revenue streams by participating in energy and ancillary services markets. To enable this, the storage may need to be operated by private merchants to circumvent the unbundling principle applied in electricity markets today. However, it is not clear if the right incentives are in place for these entities to operate the ESS in a way that provides the required flexibility and supports the wider system benefits sought by the System Operator (SO). This work seeks to evaluate the impact of strategic behavior of an independent trader operating ESS in a nodal electricity market. The results indicated that a strategic bidder operating ESS tends to underuse the assets leading to suboptimal solution in terms of market welfare, as well as congestion and curtailment reduction, removing some of the potential benefits the ESS can provide to the power system
Optimal Participation of Price-Maker Battery Energy Storage Systems (BESSs) in Energy, Reserve and Pay as Performance Regulation Markets
Motivated by the need of assessing the optimal allocation of battery energy
storage services across various markets and the corresponding impact on market
operations, an optimization framework is proposed in this work to coordinate
the operation of an independent utility-scale price-maker battery energy
storage system (BESS) in the energy, spinning reserve and performance-based
regulation markets. The entire problem is formulated as a bi-level optimization
process, where the structure of all markets is modeled considering the joint
operation limits. The strategic bidding behavior of a price-maker BESS in a pay
as performance regulation market is investigated. Additionally, a specific
approach is introduced for modeling automatic generation control (AGC) signals
in the optimization. Although the formulated problem is non-linear, it is
converted to mixed-integer linear programming (MILP) to find the optimum
solution. The proposed framework is evaluated using test case scenarios created
from real-world market data. Case study results show the impact of BESS's
price-making behavior on the joint operation of energy, reserve, and regulation
markets
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