Virtual Power Plants And Electricity Markets

Scheduling and Operation of Virtual Power Plants: Technical Challenges and Electricity Markets provides a multidisciplinary perspective on recent advances in VPPs, ranging from required infrastructures and planning to operation and control. The work details the required components in a virtual power plant, including smartness of power system, instrument and information and communication technologies (ICTs), measurement units, and distributed energy sources. Contributors assess the proposed benefits of virtual power plant in solving problems of distributed energy sources in integrating the small, distributed and intermittent output of these units. In addition, they investigate the likely technical challenges regarding control and interaction with other entities. Finally, the work considers the role of VPPs in electricity markets, showing how distributed energy resources and demand response providers can integrate their resources through virtual power plant concepts to effectively participate in electricity markets to solve the issues of small capacity and intermittency. The work is suitable for experienced engineers, researchers, managers and policymakers interested in using VPPs in future smart grids. Explores key enabling technologies and infrastructures for virtual power plants in future smart energy systems Reviews technical challenges and introduces solutions to the operation and control of VPPs, particularly focusing on control and interaction with other power system entities Introduces the key integrating role of VPPs in enabling DER powered participative electricity markets

This textbook provides a detailed analysis of operation and planning problems faced by virtual power plants participating in different electricity markets. The chapters address in-depth, topics such as: optimization, market power, expansion, and modelling uncertainty in operation and planning problems of virtual power plants. The book provides an up-to-date description of decision-making tools to address challenging questions faced by virtual power plants such as: How can virtual power plants optimize their participation in electricity markets? How can a virtual power plant exercise market power? How can virtual power plants be optimally expanded? How can uncertainty be efficiently modelled in the operation and planning problems of virtual power plants? The book is written in a tutorial style and modular format, and includes many illustrative examples to facilitate comprehension. It is intended for a diverse audience including advanced undergraduate and graduate students in the fields of electric energy systems, operations research, and economics. Practitioners in the energy sector will also benefit from the concepts and techniques presented in this book. In particular, this book: Provides students with the GAMS codes to solve the examples in the book; Provides a basis for the formulation of decision-making problems under uncertainty; Contains a blend of theoretical concepts and practical applications that are developed as working algorithms.

This book provides a general overview of virtual power plants (VPP) as a key technology in future energy communities and active distribution and transmission networks for managing distributed energy resources, providing local and global services, and facilitating market participation of small-scale managing distributed energy resources and prosumers. The book also aims at describing some practical solutions, business models, and novel architectures for the implementation of VPPs in the real world. Each chapter of the book begins with the fundamental structure of the problem required for a rudimentary understanding of the methods described. It provides a clear picture for practical implementation of VPP through novel technologies such as blockchain, digital twin, and distributed ledger technology. The book will help the electrical and power engineers, undergraduate, graduate students, research scholars, and utility engineers to understand the emerging solutions regarding the VPP concept lucidly.

Local Electricity Markets introduces the fundamental characteristics, needs, and constraints shaping the design and implementation of local electricity markets. It addresses current proposed local market models and lessons from their limited practical implementation. The work discusses relevant decision and informatics tools considered important in the implementation of local electricity markets. It also includes a review on management and trading platforms, including commercially available tools. Aspects of local electricity market infrastructure are identified and discussed, including physical and software infrastructure. It discusses the current regulatory frameworks available for local electricity market development internationally. The work concludes with a discussion of barriers and opportunities for local electricity markets in the future. Delineates key components shaping the design and implementation of local electricity market structure Provides a coherent view on the enabling infrastructures and technologies that underpin local market expansion Explores the current regulatory environment for local electricity markets drawn from a global panel of contributors Exposes future paths toward widespread implementation of local electricity markets using an empirical review of barriers and opportunities Reviews relevant local electricity market case studies, pilots and demonstrators already deployed and under implementation

This book analyzes new electricity pricing models that consider uncertainties in the power market due to the changing behavior of market players and the implementation of renewable distributed generation and responsive loads. In-depth chapters examine the different types of market players including the generation, transmission, and distribution companies, virtual power plants, demand response aggregators, and energy hubs and microgrids. Expert authors propose optimal operational models for short-term performance and scheduling and present readers with solutions for pricing challenges in uncertain environments. This book is useful for engineers, researchers and students involved in integrating demand response programs into smart grids and for electricity market operation and planning. Proposes optimal operation models; Discusses the various players in today's electricity markets; Describes the effects of demand response programs in smart grids.

This book focuses on the business operation of virtual power plants. Both of the business models and reliable operation of virtual power plants have been addressed with engineering practices. This is achieved by providing an in-depth study on several major topics such as load forecasting for distributed energy resources, business model and practice of virtual power plants, the business operation of virtual power plants participating in demand response, and auxiliary service market. The dynamic pricing strategy of virtual power plants and reliable operation of power systems with virtual power plants are provided as well. The comprehensive and systematic treatment in business operation of virtual power plants is one of the major features of the book, which is particularly suited for readers who are interested to learn operation mechanisms of virtual power plants. The book benefits researchers, engineers, and graduate students in the fields of energy internet, electrical engineering, and business administration, etc.

Variable Generation, Flexible Demand looks at a future in which power system researchers, operators and analysts need to predict variable renewable generation and schedule demand to match it. Contributors survey the significant expansion in the role of flexible demand in balancing supply and demand in conjunction with flexible generation in ‘peaking plants’ and energy storage as the proportion of variable renewable generation rises in many systems across the world. Supported with case studies, the book examines practical ways that demand flexibility can play a constructive role as more systems move towards higher levels of renewable generation in their electricity mix. Examines practical ways that demand flexibility can play a constructive role in future energy systems Reviews the vital role of market design, business models, enabling technologies, policies and regulation in implementation of flexible demand Includes detailed case studies that address the role of flexible demand across transitioning power markets

Bridges the knowledge gap between engineering and economics in a complex and evolving deregulated electricity industry, enabling readers to understand, operate, plan and design a modern power system With an accessible and progressive style written in straight-forward language, this book covers everything an engineer or economist needs to know to understand, operate within, plan and design an effective liberalized electricity industry, thus serving as both a useful teaching text and a valuable reference. The book focuses on principles and theory which are independent of any one market design. It outlines where the theory is not implemented in practice, perhaps due to other over-riding concerns. The book covers the basic modelling of electricity markets, including the impact of uncertainty (an integral part of generation investment decisions and transmission cost-benefit analysis). It draws out the parallels to the Nordpool market (an important point of reference for Europe). Written from the perspective of the policy-maker, the first part provides the introductory background knowledge required. This includes an understanding of basic economics concepts such as supply and demand, monopoly, market power and marginal cost. The second part of the book asks how a set of generation, load, and transmission resources should be efficiently operated, and the third part focuses on the generation investment decision. Part 4 addresses the question of the management of risk and Part 5 discusses the question of market power. Any power system must be operated at all times in a manner which can accommodate the next potential contingency. This demands responses by generators and loads on a very short timeframe. Part 6 of the book addresses the question of dispatch in the very short run, introducing the distinction between preventive and corrective actions and why preventive actions are sometimes required. The seventh part deals with pricing issues that arise under a regionally-priced market, such as the Australian NEM. This section introduces the notion of regions and interconnectors and how to formulate constraints for the correct pricing outcomes (the issue of "constraint orientation"). Part 8 addresses the fundamental and difficult issue of efficient transmission investment, and finally Part 9 covers issues that arise in the retail market. Bridges the gap between engineering and economics in electricity, covering both the economics and engineering knowledge needed to accurately understand, plan and develop the electricity market Comprehensive coverage of all the key topics in the economics of electricity markets Covers the latest research and policy issues as well as description of the fundamental concepts and principles that can be applied across all markets globally Numerous worked examples and end-of-chapter problems Companion website holding solutions to problems set out in the book, also the relevant simulation (GAMS) codes