A sample robust optimal bidding model for a virtual power plant
Author
Abstract
Suggested Citation
DOI: 10.1016/j.ejor.2024.03.001
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Tsang, Man Yiu & Shehadeh, Karmel S., 2023. "Stochastic optimization models for a home service routing and appointment scheduling problem with random travel and service times," European Journal of Operational Research, Elsevier, vol. 307(1), pages 48-63.
- Zhi Chen & Melvyn Sim & Peng Xiong, 2020. "Robust Stochastic Optimization Made Easy with RSOME," Management Science, INFORMS, vol. 66(8), pages 3329-3339, August.
- Benedikt Finnah, 2022. "Optimal bidding functions for renewable energies in sequential electricity markets," OR Spectrum: Quantitative Approaches in Management, Springer;Gesellschaft für Operations Research e.V., vol. 44(1), pages 1-27, March.
- Ju, Liwei & Tan, Zhongfu & Yuan, Jinyun & Tan, Qingkun & Li, Huanhuan & Dong, Fugui, 2016. "A bi-level stochastic scheduling optimization model for a virtual power plant connected to a wind–photovoltaic–energy storage system considering the uncertainty and demand response," Applied Energy, Elsevier, vol. 171(C), pages 184-199.
- Geoffrey G. Parker & Burcu Tan & Osman Kazan, 2019. "Electric Power Industry: Operational and Public Policy Challenges and Opportunities," Production and Operations Management, Production and Operations Management Society, vol. 28(11), pages 2738-2777, November.
- Dimitris Bertsimas & Shimrit Shtern & Bradley Sturt, 2023. "A Data-Driven Approach to Multistage Stochastic Linear Optimization," Management Science, INFORMS, vol. 69(1), pages 51-74, January.
- Zhong, Zhiming & Fan, Neng & Wu, Lei, 2023. "A hybrid robust-stochastic optimization approach for day-ahead scheduling of cascaded hydroelectric system in restructured electricity market," European Journal of Operational Research, Elsevier, vol. 306(2), pages 909-926.
- Tashman, Leonard J., 2000. "Out-of-sample tests of forecasting accuracy: an analysis and review," International Journal of Forecasting, Elsevier, vol. 16(4), pages 437-450.
- James E. Smith & Robert L. Winkler, 2006. "The Optimizer's Curse: Skepticism and Postdecision Surprise in Decision Analysis," Management Science, INFORMS, vol. 52(3), pages 311-322, March.
- Kong, Xiangyu & Xiao, Jie & Liu, Dehong & Wu, Jianzhong & Wang, Chengshan & Shen, Yu, 2020. "Robust stochastic optimal dispatching method of multi-energy virtual power plant considering multiple uncertainties," Applied Energy, Elsevier, vol. 279(C).
- Fazlalipour, Pary & Ehsan, Mehdi & Mohammadi-Ivatloo, Behnam, 2019. "Risk-aware stochastic bidding strategy of renewable micro-grids in day-ahead and real-time markets," Energy, Elsevier, vol. 171(C), pages 689-700.
- Aghamohamadi, Mehrdad & Mahmoudi, Amin, 2019. "From bidding strategy in smart grid toward integrated bidding strategy in smart multi-energy systems, an adaptive robust solution approach," Energy, Elsevier, vol. 183(C), pages 75-91.
- Naval, Natalia & Yusta, Jose M., 2021. "Virtual power plant models and electricity markets - A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 149(C).
- Finnah, Benedikt & Gönsch, Jochen, 2021. "Optimizing trading decisions of wind power plants with hybrid energy storage systems using backwards approximate dynamic programming," International Journal of Production Economics, Elsevier, vol. 238(C).
- Daeho Kim & Hyungkyu Cheon & Dong Gu Choi & Seongbin Im, 2022. "Operations Research Helps the Optimal Bidding of Virtual Power Plants," Interfaces, INFORMS, vol. 52(4), pages 344-362, July.
- Bart P. G. Van Parys & Peyman Mohajerin Esfahani & Daniel Kuhn, 2021. "From Data to Decisions: Distributionally Robust Optimization Is Optimal," Management Science, INFORMS, vol. 67(6), pages 3387-3402, June.
- Saif, Ahmed & Delage, Erick, 2021. "Data-driven distributionally robust capacitated facility location problem," European Journal of Operational Research, Elsevier, vol. 291(3), pages 995-1007.
- Pandžić, Hrvoje & Kuzle, Igor & Capuder, Tomislav, 2013. "Virtual power plant mid-term dispatch optimization," Applied Energy, Elsevier, vol. 101(C), pages 134-141.
- Finnah, Benedikt & Gönsch, Jochen & Ziel, Florian, 2022. "Integrated day-ahead and intraday self-schedule bidding for energy storage systems using approximate dynamic programming," European Journal of Operational Research, Elsevier, vol. 301(2), pages 726-746.
- Weitzel, Timm & Glock, C. H., 2018. "Energy Management for Stationary Electric Energy Storage Systems: A Systematic Literature Review," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 88880, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
- Jochen Gönsch & Michael Hassler, 2016. "Sell or store? An ADP approach to marketing renewable energy," OR Spectrum: Quantitative Approaches in Management, Springer;Gesellschaft für Operations Research e.V., vol. 38(3), pages 633-660, July.
- Wozabal, David & Rameseder, Gunther, 2020. "Optimal bidding of a virtual power plant on the Spanish day-ahead and intraday market for electricity," European Journal of Operational Research, Elsevier, vol. 280(2), pages 639-655.
- Ottesen, Stig Ødegaard & Tomasgard, Asgeir & Fleten, Stein-Erik, 2018. "Multi market bidding strategies for demand side flexibility aggregators in electricity markets," Energy, Elsevier, vol. 149(C), pages 120-134.
- Pandžić, Hrvoje & Morales, Juan M. & Conejo, Antonio J. & Kuzle, Igor, 2013. "Offering model for a virtual power plant based on stochastic programming," Applied Energy, Elsevier, vol. 105(C), pages 282-292.
- Eid, Cherrelle & Codani, Paul & Perez, Yannick & Reneses, Javier & Hakvoort, Rudi, 2016. "Managing electric flexibility from Distributed Energy Resources: A review of incentives for market design," Renewable and Sustainable Energy Reviews, Elsevier, vol. 64(C), pages 237-247.
- Dimitris Bertsimas & Melvyn Sim & Meilin Zhang, 2019. "Adaptive Distributionally Robust Optimization," Management Science, INFORMS, vol. 65(2), pages 604-618, February.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Benedikt Finnah, 2022. "Optimal bidding functions for renewable energies in sequential electricity markets," OR Spectrum: Quantitative Approaches in Management, Springer;Gesellschaft für Operations Research e.V., vol. 44(1), pages 1-27, March.
- Finnah, Benedikt & Gönsch, Jochen & Ziel, Florian, 2022. "Integrated day-ahead and intraday self-schedule bidding for energy storage systems using approximate dynamic programming," European Journal of Operational Research, Elsevier, vol. 301(2), pages 726-746.
- Naval, Natalia & Yusta, Jose M., 2021. "Virtual power plant models and electricity markets - A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 149(C).
- Karakoyun, Ece Cigdem & Avci, Harun & Kocaman, Ayse Selin & Nadar, Emre, 2023. "Deviations from commitments: Markov decision process formulations for the role of energy storage," International Journal of Production Economics, Elsevier, vol. 255(C).
- Daeho Kim & Hyungkyu Cheon & Dong Gu Choi & Seongbin Im, 2022. "Operations Research Helps the Optimal Bidding of Virtual Power Plants," Interfaces, INFORMS, vol. 52(4), pages 344-362, July.
- Wei, Congying & Xu, Jian & Liao, Siyang & Sun, Yuanzhang & Jiang, Yibo & Ke, Deping & Zhang, Zhen & Wang, Jing, 2018. "A bi-level scheduling model for virtual power plants with aggregated thermostatically controlled loads and renewable energy," Applied Energy, Elsevier, vol. 224(C), pages 659-670.
- Guoqiang Sun & Weihang Qian & Wenjin Huang & Zheng Xu & Zhongxing Fu & Zhinong Wei & Sheng Chen, 2019. "Stochastic Adaptive Robust Dispatch for Virtual Power Plants Using the Binding Scenario Identification Approach," Energies, MDPI, vol. 12(10), pages 1-23, May.
- Georgia Perakis & Melvyn Sim & Qinshen Tang & Peng Xiong, 2023. "Robust Pricing and Production with Information Partitioning and Adaptation," Management Science, INFORMS, vol. 69(3), pages 1398-1419, March.
- Erick Delage & Ahmed Saif, 2022. "The Value of Randomized Solutions in Mixed-Integer Distributionally Robust Optimization Problems," INFORMS Journal on Computing, INFORMS, vol. 34(1), pages 333-353, January.
- Yu, Songyuan & Fang, Fang & Liu, Yajuan & Liu, Jizhen, 2019. "Uncertainties of virtual power plant: Problems and countermeasures," Applied Energy, Elsevier, vol. 239(C), pages 454-470.
- Mohammad Mohammadi Roozbehani & Ehsan Heydarian-Forushani & Saeed Hasanzadeh & Seifeddine Ben Elghali, 2022. "Virtual Power Plant Operational Strategies: Models, Markets, Optimization, Challenges, and Opportunities," Sustainability, MDPI, vol. 14(19), pages 1-23, September.
- Li, Qiang & Wei, Fanchao & Zhou, Yongcheng & Li, Jiajia & Zhou, Guowen & Wang, Zhonghao & Liu, Jinfu & Yan, Peigang & Yu, Daren, 2023. "A scheduling framework for VPP considering multiple uncertainties and flexible resources," Energy, Elsevier, vol. 282(C).
- Amit Kumer Podder & Sayemul Islam & Nallapaneni Manoj Kumar & Aneesh A. Chand & Pulivarthi Nageswara Rao & Kushal A. Prasad & T. Logeswaran & Kabir A. Mamun, 2020. "Systematic Categorization of Optimization Strategies for Virtual Power Plants," Energies, MDPI, vol. 13(23), pages 1-46, November.
- Tianqi Liu & Francisco Saldanha-da-Gama & Shuming Wang & Yuchen Mao, 2022. "Robust Stochastic Facility Location: Sensitivity Analysis and Exact Solution," INFORMS Journal on Computing, INFORMS, vol. 34(5), pages 2776-2803, September.
- Kraft, Emil & Russo, Marianna & Keles, Dogan & Bertsch, Valentin, 2023.
"Stochastic optimization of trading strategies in sequential electricity markets,"
European Journal of Operational Research, Elsevier, vol. 308(1), pages 400-421.
- Kraft, Emil & Russo, Marianna & Keles, Dogan & Bertsch, Valentin, 2021. "Stochastic optimization of trading strategies in sequential electricity markets," Working Paper Series in Production and Energy 58, Karlsruhe Institute of Technology (KIT), Institute for Industrial Production (IIP).
- Shanshan Wang & Erick Delage, 2024. "A Column Generation Scheme for Distributionally Robust Multi-Item Newsvendor Problems," INFORMS Journal on Computing, INFORMS, vol. 36(3), pages 849-867, May.
- Wafa Nafkha-Tayari & Seifeddine Ben Elghali & Ehsan Heydarian-Forushani & Mohamed Benbouzid, 2022. "Virtual Power Plants Optimization Issue: A Comprehensive Review on Methods, Solutions, and Prospects," Energies, MDPI, vol. 15(10), pages 1-20, May.
- Cheng, Chun & Yu, Qinxiao & Adulyasak, Yossiri & Rousseau, Louis-Martin, 2024. "Distributionally robust facility location with uncertain facility capacity and customer demand," Omega, Elsevier, vol. 122(C).
- Jin, Xiaolong & Wu, Qiuwei & Jia, Hongjie, 2020. "Local flexibility markets: Literature review on concepts, models and clearing methods," Applied Energy, Elsevier, vol. 261(C).
- Aakil M. Caunhye & Douglas Alem, 2023. "Practicable robust stochastic optimization under divergence measures with an application to equitable humanitarian response planning," OR Spectrum: Quantitative Approaches in Management, Springer;Gesellschaft für Operations Research e.V., vol. 45(3), pages 759-806, September.
More about this item
Keywords
OR in energy; Stochastic programming; Auctions/bidding; Sample robust optimization; Linear decision rules;All these keywords.
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:ejores:v:316:y:2024:i:3:p:1101-1113. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/eor .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.