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2223. Delivering Reliable Reserve Commitments from Intermittent Electricity Resources
Invited abstract in session TA-9: Decentralized multi-energy markets, stream Energy Markets.
Tuesday, 8:30-10:00Room: 10 (building: 116)
Authors (first author is the speaker)
| 1. | Anil Kaya
|
| Karlsruhe Institute of Technology | |
| 2. | Yashar Ghiassi-Farrokhfal
|
| Rotterdam School of Management , Erasmus University Rotterdam | |
| 3. | Steffen Rebennack
|
| Institute of Operations Research (IOR), Karlsruhe Institute of Technology (KIT) | |
| 4. | Mohammad Reza Hesamzadeh
|
| Electric Power Systems, KTH Royal Institute of Technology | |
| 5. | Kai Pan
|
| Department of Logistics and Maritime Studies, The Hong Kong Polytechnic University | |
| 6. | Derek Bunn
|
| London Business School |
Abstract
The expansion of renewable energy generation increases the need for short-term reserve facilities to compensate for their short-term variations. This makes reserve markets increasingly profitable and attractive for renewable energy producers (REPs), who are facing diminishing subsidies and returns. We study this problem by formulating the operation of a profit-maximizing REP, with and without storage, providing reserve services as a multi-stage stochastic integer program, separately with the support of discrete (D-ID) or continuous (C-ID) markets. We combine the Benders decomposition and stochastic dual dynamic programming algorithm (SDDP) to solve the problem efficiently. Our analysis of real data from the German market provides interesting insights into REPs' participation in short-term reserve markets.
Keywords
- Electricity Markets
- Stochastic Optimization
- OR in Energy
Status: accepted
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