Optimal Participation of Heterogeneous, RES-based Virtual Power Plants in Energy Markets

TL;DR

This paper develops a comprehensive model for RES-based Virtual Power Plants that optimally participate in energy markets, incorporating flexible demand, advanced solar modeling, and network constraints, validated under various weather scenarios.

Contribution

It introduces a novel bi-level demand flexibility model and an improved solar thermal plant model within a network-constrained VPP framework for market participation.

Findings

Effective market participation under different weather conditions

Enhanced solar thermal efficiency modeling

Validated model performance with uncertainty scenarios

Abstract

In this work, we present a detailed model of a Renewable Energy Source (RES)-based Virtual Power Plant (VPP) that participates in Day-Ahead Market (DAM) and Intra-Day Market (IDM) with dispatchable and non-dispatchable RESs and flexible demand assets. We propose a demand model with bi-level flexibility which are associated with the market sessions plus an improved solar thermal plant model with piece-wise linear formulation of efficiency. A network-constrained unit commitment model is used by the VPP to submit DAM auctions and consequently participates in IDM to correct for deviations. Finally, we validate our model by assessing its operation on different weather conditions of uncertainty.