Title Participation of photovoltaic power producers in short-term electricity markets based on rescheduling and risk-hedging mapping
Authors SÁNCHEZ DE LA NIETA LÓPEZ, AGUSTÍN ALEANDRO, Paterakis, Nikolaos G. , Gibescu, Madeleine
External publication No
Means Appl. Energy
Scope Article
Nature Científica
JCR Quartile 1
SJR Quartile 1
JCR Impact 9.74600
SJR Impact 3.03500
Web https://www.scopus.com/inward/record.uri?eid=2-s2.0-85082176960&doi=10.1016%2fj.apenergy.2020.114741&partnerID=40&md5=cd8f7e193177474462f290121a0e1980
Publication date 15/05/2020
ISI 000525759600039
Scopus Id 2-s2.0-85082176960
DOI 10.1016/j.apenergy.2020.114741
Abstract Optimal bidding that considers different electricity market floors can increase the financial gains of photovoltaic (PV) power producers. However, the current approach to trading PV power essentially consists of committing to sell the forecasted PV generation. To analyze profits and investigate new business opportunities for PV power producers, this paper proposes two novel stochastic programming-based methods for scheduling and rescheduling for trading the PV generated energy in day-ahead and intraday electricity markets. Risk-hedging is also considered in terms of co-optimizing the expected profit with the Conditional Value-at-Risk (CVaR) metric. As a consequence of the structure and organization of the market floors and due to different market windows, rescheduling is necessary to exploit the most recent information. Updated rescheduling progressively reveals actual profits or losses, risk-hedging possible engagement in business transactions, and the final effect of strategic bidding. A case study in the Spanish electricity market based on actual data is presented. The analysis of the case study shows the influence of the three market floors (day-ahead, intraday, and imbalance), the participation in multiple intraday sessions, risk-hedging, and rescheduling on the profits of the PV producer.
Keywords Balancing market; Conditional value-at-risk; Day-ahead market; Intraday market; PV power producer; Strategic bidding
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