Name
Title | ||
|---|---|---|
A joint bidding and operation strategy for battery storage in multi-temporal energy markets |
Abstract | ||
|---|---|---|
In this paper, we provide a method to determine the optimal schedule and market bids of a battery storage, to maximize revenues from joint operation in day-ahead/ realtime markets. Our model considers financial risk of revenues in both markets and defines battery optimal bids in the two stages of the market, to obtain maximum profit with controlled risk by adapting the Markowitz portfolio selection theory. In the second stage of our framework, a receding horizon algorithm in real-time, updates the predictions of joint profit as well as financial value at risk, and improves the optimal battery schedule accordingly. Our approach has a key feature of tractability, as it is formulated as a convex problem, by several modelling and relaxation techniques. This model enables us to quantify the trade-off between revenues from each markets and the risk of revenues in return. |
Year | DOI | Venue |
|---|---|---|
2015 | 10.1109/ISGT.2015.7131830 | Innovative Smart Grid Technologies Conference |
Keywords | Field | DocType |
battery storage plants,power generation scheduling,power markets,Markowitz portfolio selection theory,battery storage,convex problem,joint bidding,market bid,multitemporal energy market,operation strategy,optimal battery schedule,receding horizon algorithm,relaxation technique,revenue maximization,Markowitz portfolio selection,battery storage systems,bidding strategy,energy market,multi temporal markets,revenue risk control | Financial risk,Revenue,Economics,Mathematical optimization,Microeconomics,Portfolio,Schedule,Battery (electricity),Bidding,Convex optimization,Value at risk | Conference |
Citations | PageRank | References |
2 | 0.47 | 1 |
Authors | ||
3 | ||
Name | Order | Citations | PageRank |
|---|---|---|---|
| Hossein Akhavan-Hejazi | 1 | 12 | 4.65 |
| Babak Asghari | 2 | 11 | 3.09 |
| Ratnesh K. Sharma | 3 | 2 | 0.47 |