Journal
IEEE TRANSACTIONS ON POWER SYSTEMS
Volume 35, Issue 3, Pages 1898-1910Publisher
IEEE-INST ELECTRICAL ELECTRONICS ENGINEERS INC
DOI: 10.1109/TPWRS.2019.2953114
Keywords
Renewable energy sources; Generators; Power systems; Uncertainty; Green products; Analytical models; Investment; Electricity Market; Tradable Green Certificate; Strategic Behavior; Market Equilibrium; Mathematical Problem with Equilibrium Constraints (MPEC)
Categories
Funding
- National Science Foundation of China [51537005]
- National Natural Science Foundation of China [U1766212]
- State Grid [U1766212]
- National Young Talent Support Program by Ministry of Science of China
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Renewable energy will become a normal energy source and will be required to participate in the market. The renewable portfolio standards (RPS) together with tradable green certificates (TGC) are considered as an appropriate market mechanism to help recover renewable energy investments. The strategic offering behaviors of renewable energy should be carefully studied, especially with the introduction of TGC. This paper proposed a market equilibrium model with joint consideration on energy and TGC. The model includes two-stages of day-ahead and real-time analysis, to formulate the complex decision processes of strategic renewable energy. The model is built in a bilevel format, with multiple-scenario settings to consider the uncertainty of renewable power output within a day. Then, the bilevel model is reformulated as a single-level nonlinear problem based on KKT theorems. Then, the nonlinearities are linearized based on the strong duality theorem and a binary expansion method. The model has been finally transformed as a mix integer linear problem. Finally, an illustrative example is proposed to analyze the strategic offering behaviors of renewable energy under various market situations.
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