IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v15y2023i5p4422-d1085057.html

Review of Energy Portfolio Optimization in Energy Markets Considering Flexibility of Power-to-X

Author

Listed:
  • Nicolai Lystbæk

    (SDU Center of Energy Informatics, The Maersk Mc-Kinney Moller Institute, University of Southern Denmark, 5230 Odense, Denmark)

  • Mikkel Gregersen

    (SDU Center of Energy Informatics, The Maersk Mc-Kinney Moller Institute, University of Southern Denmark, 5230 Odense, Denmark)

  • Hamid Reza Shaker

    (SDU Center of Energy Informatics, The Maersk Mc-Kinney Moller Institute, University of Southern Denmark, 5230 Odense, Denmark)

Abstract

Power-to-X is one of the most attention-grabbing topics in the energy sector. Researchers are exploring the potential of harnessing power from renewable technologies and converting it into fuels used in various industries and the transportation sector. With the current market and research emphasis on Power-to-X and the accompanying substantial investments, a review of Power-to-X is becoming essential. Optimization will be a crucial aspect of managing an energy portfolio that includes Power-to-X and electrolysis systems, as the electrolyzer can participate in multiple markets. Based on the current literature and published reviews, none of them adequately showcase the state-of-the-art optimization algorithms for energy portfolios focusing on Power-to-X. Therefore, this paper provides an in-depth review of the optimization algorithms applied to energy portfolios with a specific emphasis on Power-to-X, aiming to uncover the current state-of-the-art in the field.

Suggested Citation

  • Nicolai Lystbæk & Mikkel Gregersen & Hamid Reza Shaker, 2023. "Review of Energy Portfolio Optimization in Energy Markets Considering Flexibility of Power-to-X," Sustainability, MDPI, vol. 15(5), pages 1-17, March.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:5:p:4422-:d:1085057
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/15/5/4422/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/15/5/4422/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Jin Zhang, 2021. "Response to Letter to the Editor: Zhang, J. (2021)," The American Statistician, Taylor & Francis Journals, vol. 75(4), pages 458-458, October.
    2. Ana L. Santos & Maria-João Cebola & Diogo M. F. Santos, 2021. "Towards the Hydrogen Economy—A Review of the Parameters That Influence the Efficiency of Alkaline Water Electrolyzers," Energies, MDPI, vol. 14(11), pages 1-35, May.
    3. Roh, Kosan & Brée, Luisa C. & Perrey, Karen & Bulan, Andreas & Mitsos, Alexander, 2019. "Flexible operation of switchable chlor-alkali electrolysis for demand side management," Applied Energy, Elsevier, vol. 255(C).
    4. Jeong, Minsoo & You, Jung S., 2022. "Estimating the economic costs of nuclear power plant outages in a regulated market using a latent factor model," Renewable and Sustainable Energy Reviews, Elsevier, vol. 166(C).
    5. Apostolou, Dimitrios, 2020. "Optimisation of a hydrogen production – storage – re-powering system participating in electricity and transportation markets. A case study for Denmark," Applied Energy, Elsevier, vol. 265(C).
    6. Hasankhani, Arezoo & Hakimi, Seyed Mehdi, 2021. "Stochastic energy management of smart microgrid with intermittent renewable energy resources in electricity market," Energy, Elsevier, vol. 219(C).
    7. Heydari, Azim & Majidi Nezhad, Meysam & Pirshayan, Elmira & Astiaso Garcia, Davide & Keynia, Farshid & De Santoli, Livio, 2020. "Short-term electricity price and load forecasting in isolated power grids based on composite neural network and gravitational search optimization algorithm," Applied Energy, Elsevier, vol. 277(C).
    8. Waseem, Muhammad & Lin, Zhenzhi & Liu, Shengyuan & Zhang, Zhi & Aziz, Tarique & Khan, Danish, 2021. "Fuzzy compromised solution-based novel home appliances scheduling and demand response with optimal dispatch of distributed energy resources," Applied Energy, Elsevier, vol. 290(C).
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Sayed-Ahmed, H. & Toldy, Á.I. & Lappalainen, M. & Himanen, O. & Bajamundi, C. & Santasalo-Aarnio, A., 2025. "Strategies and challenges for reducing green hydrogen cost: Operation mode and revenue streams," Renewable and Sustainable Energy Reviews, Elsevier, vol. 223(C).
    2. Zhang, Tong & Qadrdan, Meysam & Wu, Jianzhong & Couraud, Benoit & Stringer, Martin & Walker, Sara & Hawkes, Adam & Allahham, Adib & Flynn, David & Pudjianto, Danny & Dodds, Paul & Strbac, Goran, 2025. "A systematic review of modelling methods for studying the integration of hydrogen into energy systems," Renewable and Sustainable Energy Reviews, Elsevier, vol. 208(C).
    3. Jorge Cano-Martínez & Alfredo Quijano-López & Vicente Fuster-Roig, 2025. "A Scoping Review of Flexibility Markets in the Power Sector: Models, Mechanisms, and Business Perspectives," Energies, MDPI, vol. 18(19), pages 1-39, September.

    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.
    1. Frank Gambou & Damien Guilbert & Michel Zasadzinski & Hugues Rafaralahy, 2022. "A Comprehensive Survey of Alkaline Electrolyzer Modeling: Electrical Domain and Specific Electrolyte Conductivity," Energies, MDPI, vol. 15(9), pages 1-20, May.
    2. Eid Gul & Giorgio Baldinelli & Pietro Bartocci, 2022. "Energy Transition: Renewable Energy-Based Combined Heat and Power Optimization Model for Distributed Communities," Energies, MDPI, vol. 15(18), pages 1-18, September.
    3. Muhammad Waseem & Muhammad Adnan Khan & Arman Goudarzi & Shah Fahad & Intisar Ali Sajjad & Pierluigi Siano, 2023. "Incorporation of Blockchain Technology for Different Smart Grid Applications: Architecture, Prospects, and Challenges," Energies, MDPI, vol. 16(2), pages 1-29, January.
    4. Sebastián Mantilla & Diogo M. F. Santos, 2022. "Green and Blue Hydrogen Production: An Overview in Colombia," Energies, MDPI, vol. 15(23), pages 1-21, November.
    5. Jani, Ali & Karimi, Hamid & Jadid, Shahram, 2022. "Two-layer stochastic day-ahead and real-time energy management of networked microgrids considering integration of renewable energy resources," Applied Energy, Elsevier, vol. 323(C).
    6. Baohong Jin & Zhichao Liu & Yichuan Liao, 2023. "Exploring the Impact of Regional Integrated Energy Systems Performance by Energy Storage Devices Based on a Bi-Level Dynamic Optimization Model," Energies, MDPI, vol. 16(6), pages 1-21, March.
    7. Kaiyan Wang & Xueyan Wang & Rong Jia & Jian Dang & Yan Liang & Haodong Du, 2022. "Research on Coupled Cooperative Operation of Medium- and Long-Term and Spot Electricity Transaction for Multi-Energy System: A Case Study in China," Sustainability, MDPI, vol. 14(17), pages 1-20, August.
    8. Yunjing Qi & Yaodong Wang & Ye Huang, 2025. "Techno-Economic Assessment of Carbon-Neutral Ammonia Fuel for Ships from Renewable Wind Energy," Energies, MDPI, vol. 18(20), pages 1-21, October.
    9. Elkholy, M.H. & Metwally, Hamid & Farahat, M.A. & Senjyu, Tomonobu & Elsayed Lotfy, Mohammed, 2022. "Smart centralized energy management system for autonomous microgrid using FPGA," Applied Energy, Elsevier, vol. 317(C).
    10. Li, Fengyun & Zheng, Haofeng & Li, Xingmei & Yang, Fei, 2021. "Day-ahead city natural gas load forecasting based on decomposition-fusion technique and diversified ensemble learning model," Applied Energy, Elsevier, vol. 303(C).
    11. Arul Rajagopalan & Karthik Nagarajan & Oscar Danilo Montoya & Seshathiri Dhanasekaran & Inayathullah Abdul Kareem & Angalaeswari Sendraya Perumal & Natrayan Lakshmaiya & Prabhu Paramasivam, 2022. "Multi-Objective Optimal Scheduling of a Microgrid Using Oppositional Gradient-Based Grey Wolf Optimizer," Energies, MDPI, vol. 15(23), pages 1-24, November.
    12. Ehsani, Behdad & Pineau, Pierre-Olivier & Charlin, Laurent, 2024. "Price forecasting in the Ontario electricity market via TriConvGRU hybrid model: Univariate vs. multivariate frameworks," Applied Energy, Elsevier, vol. 359(C).
    13. Fischer, Robert & Toffolo, Andrea, 2022. "Is total system cost minimization fair to all the actors of an energy system? Not according to game theory," Energy, Elsevier, vol. 239(PC).
    14. Nie, Ying & Li, Ping & Wang, Jianzhou & Zhang, Lifang, 2024. "A novel multivariate electrical price bi-forecasting system based on deep learning, a multi-input multi-output structure and an operator combination mechanism," Applied Energy, Elsevier, vol. 366(C).
    15. Tong Li & Yuheng Li & Junpeng Gao & Benhua Qian & Hai Zhao, 2024. "A Reputation-Based Pricing Strategy for Distributed Diverse Entity Systems: Enhancing Market Efficiency Through Real-Time Reputation Updates," Sustainability, MDPI, vol. 16(24), pages 1-20, December.
    16. Danqing Song & Wanpeng Shi & Chengwen Wang & Lihu Dong & Xin He & Enge Wu & Jianjun Zhao & Runhu Lu, 2023. "Numerical Investigation of a Local Precise Reinforcement Method for Dynamic Stability of Rock Slope under Earthquakes Using Continuum–Discontinuum Element Method," Sustainability, MDPI, vol. 15(3), pages 1-24, January.
    17. Xu, Aiting & Chen, Jiapeng & Li, Jinchang & Chen, Zheyu & Xu, Shenyi & Nie, Ying, 2025. "Multivariate rolling decomposition hybrid learning paradigm for power load forecasting," Renewable and Sustainable Energy Reviews, Elsevier, vol. 212(C).
    18. Wu, Zhongqun & Yang, Chan & Zheng, Ruijin, 2022. "Developing a holistic fuzzy hierarchy-cloud assessment model for the connection risk of renewable energy microgrid," Energy, Elsevier, vol. 245(C).
    19. Ahmed, Ijaz & Rehan, Muhammad & Basit, Abdul & Malik, Saddam Hussain & Alvi, Um-E-Habiba & Hong, Keum-Shik, 2022. "Multi-area economic emission dispatch for large-scale multi-fueled power plants contemplating inter-connected grid tie-lines power flow limitations," Energy, Elsevier, vol. 261(PB).
    20. Arriet, Andrea & Matis, Timothy I. & Feijoo, Felipe, 2024. "Electricity sector impacts of water taxation for natural gas supply under high renewable generation," Energy, Elsevier, vol. 294(C).

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    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:gam:jsusta:v:15:y:2023:i:5:p:4422-:d:1085057. 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: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.