Photovoltaic energy storage power station bidding

What is the optimal bidding strategy for a virtual power plant?

This paper proposes an optimal bidding strategy model of a virtual power plant (VPP) in the day-ahead market (DAM) that contains energy, reserve, and regulation markets. The VPP aggregates the wind farm (WF), photovoltaic power (PV), energy storage (ES), gas turbine (GT), and hydropower station (HS).

Can virtual power plants participate in electricity market bidding?

If the capacity of the storage station is large enough to stabilize the fluctuation of the output of the wind and photovoltaic power, virtual power plants can participate in the electricity market bidding.

What is the bidding strategy of ESS based on energy and FRP price signals?

The bidding strategy of ESS based on energy and FRP price signals in order to maximise its profitability is described in Section 4. The case study and numerical results are investigated in Section 5 and eventually, the concluding remarks are presented in Section 6.

How is the bidding strategy implemented?

The bidding strategy is implemented on the real-time price signals of Fig. 4 (the average of ten MCS) and is tabulated in Table 2. In this table, the two-level bids (one for energy and one for FRP) when the FRU or FRD prices are greater than 0.5$/MWh are demonstrated.

What is the penalty cost for forecast errors in photovoltaic power generation?

When the forecast errors of wind power and photovoltaic power generation are within this confidence interval, there will be no penalty cost. For the prediction errors outside the confidence interval, this study uses two-sided superquantiles to determine the expected value of the uncertain error, which in turn generates a corresponding penalty cost.

What is the proposed bidding mechanism for energy trades and FRP?

The proposed mechanism is a two-level bidding action that the ESS should submit: one for energy trades and the other for FRP. The proposed solution is simulated on the IEEE 118-bus test system and MCS is performed to attain the expected real-time realised position.