3140. A joint bidding strategy for battery operating on intraday and frequency reserve markets
Invited abstract in session WC-7: Power Trading , stream Risk Management in Commodities and Financial Markets .
Wednesday, 12:30-14:00Room: Clarendon GR.01
Authors (first author is the speaker)
| 1. | David Wozabal
|
| Vrije Universiteit Amsterdam | |
| 2. | Wolfgang Riddinger
|
| Entrix Energy | |
| 3. | Yiming Zhang
|
| Entrix Energy |
Abstract
This paper proposes a novel approach for optimizing battery energy storage systems (BESS) participation in multiple electricity markets. As renewable energy integration increases grid volatility, BESS presents a viable solution for balancing supply and demand. We develop a joint bidding strategy that combines participation in the primary frequency reserve market with continuous trading in the intraday market, addressing a gap in the extant literature which typically considers these markets in isolation or simplifies the continuous nature of intraday trading. Our approach utilizes a mixed integer linear programming implementation of the rolling intrinsic algorithm for intraday decisions and state of charge recovery, alongside a machine learning classifier that determines optimal capacity allocation between markets based on features available at bidding time.
Keywords
- Electricity Markets
- Machine Learning
- Optimization Modeling
Status: accepted
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