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Day-Ahead Versus Intraday Valuation of Flexibility for Photovoltaic and Wind Power Systems

In: Operations Research Proceedings 2014

Author

Listed:
  • Ernesto Garnier

    (RWTH Aachen University)

  • Reinhard Madlener

    (RWTH Aachen University)

Abstract

This paper takes the perspective of a photovoltaic (PV) or wind power plant operator who wants to optimally allocate demand-side flexibility to maximize realizable production value. We compare two allocation alternatives: (1) use of flexible loads to maximize relative day-ahead market value by shifting the portfolio balance in view of day-ahead prices; (2) use of flexible loads in intraday operations to minimize the costs incurred when balancing forecast errors. We argue that the second alternative yields a greater average value than the first in continuous-trade intraday markets. The argument is backed by a market data analysis for Germany in 2013.

Suggested Citation

  • Ernesto Garnier & Reinhard Madlener, 2016. "Day-Ahead Versus Intraday Valuation of Flexibility for Photovoltaic and Wind Power Systems," Operations Research Proceedings, in: Marco Lübbecke & Arie Koster & Peter Letmathe & Reinhard Madlener & Britta Peis & Grit Walther (ed.), Operations Research Proceedings 2014, edition 1, pages 167-172, Springer.
    • Handle: RePEc:spr:oprchp:978-3-319-28697-6_24
    DOI: 10.1007/978-3-319-28697-6_24
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    Cited by:

    1. Goutte, Stéphane & Vassilopoulos, Philippe, 2019. "The value of flexibility in power markets," Energy Policy, Elsevier, vol. 125(C), pages 347-357.
    2. Winkler, Jenny & Pudlik, Martin & Ragwitz, Mario & Pfluger, Benjamin, 2016. "The market value of renewable electricity – Which factors really matter?," Applied Energy, Elsevier, vol. 184(C), pages 464-481.

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