Abstract
With increased share of renewable energy sources in the generation mix, there is a need for reliable base generation that can meet the grid requirements without adversely affecting the environment. Combined heat and power (CHP) plants are a promising high-efficiency distributed energy resource (DER) that can be used to improve renewable integration while simultaneously providing a host of benefits to the grid. Owing to their geographic distribution and long hours of operation, these units provide an improvement in grid resiliency during emergencies, deferred transmission system upgrades and reduced emissions. This work explores some barriers that impede grid participation of CHPs and proposes a multi-objective optimization approach for better involvement of distributed industrial CHP units at the wholesale energy market level. The CHPs considered are not third party generating units that produce power to meet their own requirements. The effect of including CHP DERs in the market, thermal storage addition and the CHP participation levels are studied in detail.
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