Economical Analysis of Distributed Joint Energy and Reserve Markets

Guo, Zhenwei1; Yang, Qinmin1; Chen, Shibo2; Yang, Zaiyue2

10.1109/ISGTEurope.2019.8905566

2019

2165-4816

978-1-5386-8219-7

2019 IEEE PES Innovative Smart Grid Technologies Europe, ISGT-Europe 2019

1-5

29 Sept.-2 Oct. 2019

Bucharest, Romania

345 E 47TH ST, NEW YORK, NY 10017 USA

Institute of Electrical and Electronics Engineers Inc.

The deep and ever increasing penetration of renewable generation requires a large amount of reserve to compensate the random fluctuation and uncertainty, which makes the reserve becoming a commodity as equally important as the energy in the future smart grid. As reserve and energy are tightly coupled, we are interested in revealing their inherent characteristics in electricity market from an economics point of view, which, however, is forbidden by the current electricity marker structures. To this end, this paper proposes a novel, yet simple, distributed joint electricity market, which consists of conventional generator, renewable generator and user, and intends to balance energy and reserve simultaneously. The simple market structure enables rigorous analysis of individual behavior regarding the prices and quantities of energy and reserve. Then, we prove the existence and uniqueness of the market equilibrium, according to which, we reveal the prices and quantities at equilibrium as explicit functions of system parameters, which brings great insights to the joint energy and reserve markets.
© 2019 IEEE.

Distributed joint energy and reserve markets market equilibrium distributed algorithm first order optimal condition

其他

英语

EI ; CPCI-S

[GJHZ20180411143603361] ; Jilin Province Key R&D Plan Project[2019C01050] ; Guangdong Science and Technology Department[2018A050506003] ; National Natural Science Foundation of China[61751205]

Science & Technology - Other Topics ; Energy & Fuels ; Engineering

Green & Sustainable Science & Technology ; Energy & Fuels ; Engineering, Electrical & Electronic

WOS:000550100400121

20194907794076

Commerce ; Costs ; Electric industry ; Electric power transmission networks ; Parallel algorithms ; Power markets

Electric Power Systems:706.1 ; Electric Power Transmission:706.1.1 ; Cost and Value Engineering; Industrial Economics:911

EV Compendex

1.College of Control Science and Engineering, Zhejiang University, Hangzhou, China
2.Southern University of Science and Technology, Dept. of Mechanical and Energy Engineering, Shenzhen, China

Guo, Zhenwei,Yang, Qinmin,Chen, Shibo,et al. Economical Analysis of Distributed Joint Energy and Reserve Markets[C]. 345 E 47TH ST, NEW YORK, NY 10017 USA:Institute of Electrical and Electronics Engineers Inc.,2019:1-5.