Journal
IEEE TRANSACTIONS ON SUSTAINABLE ENERGY
Volume 8, Issue 4, Pages 1726-1735Publisher
IEEE-INST ELECTRICAL ELECTRONICS ENGINEERS INC
DOI: 10.1109/TSTE.2017.2706563
Keywords
Battery storage system; duality theory; participation strategy; risk management; robust optimization
Categories
Funding
- NSERC Energy Storage Technology Network
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This paper presents a risk-based approach for evaluating the participation strategy of a battery storage system in multiple markets. Simultaneous offering in day-ahead energy, spinning reserve, and regulation markets is considered in this paper. The uncertainties considered include predicted market prices as well as energy deployment in spinning reserve and regulation markets. A new nonprobabilistic model is introduced in this paper to handle the uncertain nature of spinning reserve and regulation markets. Robust optimization is implemented to model these uncertain parameters and manage their related risk. The proposed risk-based model is a max-min problem, which is converted to its equivalent ordinary maximization problem using duality theory. The presented model is linearized by implementing strong duality theory. Finally, the proposed method is tested and verified using an illustrative case study.
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