Electricity retail market and accountability-based strategic bidding model with short-term energy storage considering the uncertainty of consumer demand response

Electricity retailers participate in electricity markets as intermediaries between wholesale and retail markets. They acquire energy on the wholesale side by participating in next-day markets and the pool of power. On the retail side, they make contracts with consumers in order to meet their energy...

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Autores: Zishan, Farhad, Ehsan, Akbari,, Montoya, Oscar Danilo, Giral-Ramírez, Diego Armando, Nivia-Vargas, Angelica Mercedes
Tipo de recurso: artículo
Estado:Versión borrador
Fecha de publicación:2022
País:Colombia
Institución:Universidad Tecnológica de Bolívar
Repositorio:Repositorio Institucional UTB
Idioma:inglés
OAI Identifier:oai:repositorio.utb.edu.co:20.500.12585/12252
Acceso en línea:https://hdl.handle.net/20.500.12585/12252
Access Level:acceso abierto
Palabra clave:Demand Response;
Demand Side Management;
Energy Conservation
LEMB
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spelling Electricity retail market and accountability-based strategic bidding model with short-term energy storage considering the uncertainty of consumer demand responseZishan, FarhadEhsan, Akbari,Montoya, Oscar DaniloGiral-Ramírez, Diego ArmandoNivia-Vargas, Angelica MercedesDemand Response;Demand Side Management;Energy ConservationLEMBElectricity retailers participate in electricity markets as intermediaries between wholesale and retail markets. They acquire energy on the wholesale side by participating in next-day markets and the pool of power. On the retail side, they make contracts with consumers in order to meet their energy demand at a fixed price for a set period of time –generally a year. To maximize profit in planning, a retailer must choose the best strategy, which should be able to reduce the cost of purchasing energy in the wholesale market while simultaneously determining the best selling price for consumers. Customers may choose a different retailer if the selling price is too high, and the retailer may take a loss if the price is too low. One of the issues that complicate retailers’ decision is the uncertain demand response parameters that affect profit. This paper contributes with a strategic bidding model for planning with short-term energy storage while considering the uncertainty of consumer demand response and load response programs simultaneously. GAMS and MATLAB are implemented in this research to analyze the data and review the results, which indicate that an increase in profit is expected to be greater than when the retailer uses only a load response program or a short-term energy storage system. As uncertainty grows, so does local price sensitivity, and, as a result, so does the predicted rate of profit. Profits from participatory reservation, energy, and regulation markets increase in the robust model, while profits from the common participatory market decrease, i.e., according to this study, which looked at both probabilistic and robust models of retail market participation. When a robust model is used, the overall profit is higher than that obtained from a probabilistic model. © 2022 The AuthorsCartagena de Indias2023-07-19T21:30:08Z2023-07-19T21:30:08Z20222023info:eu-repo/semantics/articleinfo:eu-repo/semantics/drafthttp://purl.org/coar/resource_type/c_650112 páginasapplication/pdfapplication/pdfZishan, F., Akbari, E., Montoya, O. D., Giral-Ramírez, D. A., & Nivia-Vargas, A. M. (2022). Electricity retail market and accountability-based strategic bidding model with short-term energy storage considering the uncertainty of consumer demand response. Results in Engineering, 16, 100679.https://hdl.handle.net/20.500.12585/1225210.1016/j.rineng.2022.100679Universidad Tecnológica de BolívarRepositorio Universidad Tecnológica de BolívarResults in Engineeringreponame:Repositorio Institucional UTBinstname:Universidad Tecnológica de Bolívarinstacron:Universidad Tecnológica de Bolívarenghttp://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccessAttribution-NonCommercial-NoDerivatives 4.0 Internacional2023-07-20T05:17:57Z
dc.title.none.fl_str_mv Electricity retail market and accountability-based strategic bidding model with short-term energy storage considering the uncertainty of consumer demand response
title Electricity retail market and accountability-based strategic bidding model with short-term energy storage considering the uncertainty of consumer demand response
spellingShingle Electricity retail market and accountability-based strategic bidding model with short-term energy storage considering the uncertainty of consumer demand response
Zishan, Farhad
Demand Response;
Demand Side Management;
Energy Conservation
LEMB
title_short Electricity retail market and accountability-based strategic bidding model with short-term energy storage considering the uncertainty of consumer demand response
title_full Electricity retail market and accountability-based strategic bidding model with short-term energy storage considering the uncertainty of consumer demand response
title_fullStr Electricity retail market and accountability-based strategic bidding model with short-term energy storage considering the uncertainty of consumer demand response
title_full_unstemmed Electricity retail market and accountability-based strategic bidding model with short-term energy storage considering the uncertainty of consumer demand response
title_sort Electricity retail market and accountability-based strategic bidding model with short-term energy storage considering the uncertainty of consumer demand response
dc.creator.none.fl_str_mv Zishan, Farhad
Ehsan, Akbari,
Montoya, Oscar Danilo
Giral-Ramírez, Diego Armando
Nivia-Vargas, Angelica Mercedes
author Zishan, Farhad
author_facet Zishan, Farhad
Ehsan, Akbari,
Montoya, Oscar Danilo
Giral-Ramírez, Diego Armando
Nivia-Vargas, Angelica Mercedes
author_role author
author2 Ehsan, Akbari,
Montoya, Oscar Danilo
Giral-Ramírez, Diego Armando
Nivia-Vargas, Angelica Mercedes
author2_role author
author
author
author
dc.subject.none.fl_str_mv Demand Response;
Demand Side Management;
Energy Conservation
LEMB
topic Demand Response;
Demand Side Management;
Energy Conservation
LEMB
description Electricity retailers participate in electricity markets as intermediaries between wholesale and retail markets. They acquire energy on the wholesale side by participating in next-day markets and the pool of power. On the retail side, they make contracts with consumers in order to meet their energy demand at a fixed price for a set period of time –generally a year. To maximize profit in planning, a retailer must choose the best strategy, which should be able to reduce the cost of purchasing energy in the wholesale market while simultaneously determining the best selling price for consumers. Customers may choose a different retailer if the selling price is too high, and the retailer may take a loss if the price is too low. One of the issues that complicate retailers’ decision is the uncertain demand response parameters that affect profit. This paper contributes with a strategic bidding model for planning with short-term energy storage while considering the uncertainty of consumer demand response and load response programs simultaneously. GAMS and MATLAB are implemented in this research to analyze the data and review the results, which indicate that an increase in profit is expected to be greater than when the retailer uses only a load response program or a short-term energy storage system. As uncertainty grows, so does local price sensitivity, and, as a result, so does the predicted rate of profit. Profits from participatory reservation, energy, and regulation markets increase in the robust model, while profits from the common participatory market decrease, i.e., according to this study, which looked at both probabilistic and robust models of retail market participation. When a robust model is used, the overall profit is higher than that obtained from a probabilistic model. © 2022 The Authors
publishDate 2022
dc.date.none.fl_str_mv 2022
2023-07-19T21:30:08Z
2023-07-19T21:30:08Z
2023
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/draft
http://purl.org/coar/resource_type/c_6501
format article
status_str draft
dc.identifier.none.fl_str_mv Zishan, F., Akbari, E., Montoya, O. D., Giral-Ramírez, D. A., & Nivia-Vargas, A. M. (2022). Electricity retail market and accountability-based strategic bidding model with short-term energy storage considering the uncertainty of consumer demand response. Results in Engineering, 16, 100679.
https://hdl.handle.net/20.500.12585/12252
10.1016/j.rineng.2022.100679
Universidad Tecnológica de Bolívar
Repositorio Universidad Tecnológica de Bolívar
identifier_str_mv Zishan, F., Akbari, E., Montoya, O. D., Giral-Ramírez, D. A., & Nivia-Vargas, A. M. (2022). Electricity retail market and accountability-based strategic bidding model with short-term energy storage considering the uncertainty of consumer demand response. Results in Engineering, 16, 100679.
10.1016/j.rineng.2022.100679
Universidad Tecnológica de Bolívar
Repositorio Universidad Tecnológica de Bolívar
url https://hdl.handle.net/20.500.12585/12252
dc.language.none.fl_str_mv eng
language eng
dc.rights.none.fl_str_mv http://creativecommons.org/licenses/by-nc-nd/4.0/
info:eu-repo/semantics/openAccess
Attribution-NonCommercial-NoDerivatives 4.0 Internacional
rights_invalid_str_mv http://creativecommons.org/licenses/by-nc-nd/4.0/
Attribution-NonCommercial-NoDerivatives 4.0 Internacional
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv 12 páginas
application/pdf
application/pdf
dc.publisher.none.fl_str_mv Cartagena de Indias
publisher.none.fl_str_mv Cartagena de Indias
dc.source.none.fl_str_mv Results in Engineering
reponame:Repositorio Institucional UTB
instname:Universidad Tecnológica de Bolívar
instacron:Universidad Tecnológica de Bolívar
instname_str Universidad Tecnológica de Bolívar
instacron_str Universidad Tecnológica de Bolívar
institution Universidad Tecnológica de Bolívar
reponame_str Repositorio Institucional UTB
collection Repositorio Institucional UTB
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score 15.808905

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