A study on short-term trading and optimal operation strategy for virtual power plant

Abstract

A virtual power plant (VPP) model, which consists of a wind power plant, interruptible loads, a pumped storage plant and a gas turbine, is built considering the uncertainty of the power output of renewable energy sources (RES) as well as the participation of demand response (DR) resources. Multi-scenario method is used to deal with the uncertainty of day-ahead market price and power output of wind power plant. A short-term trading model, which is based on multi-stage stochastic programming with the objective of maximization of VPP bidding profits in day-ahead market combined with penalty in balancing market, is constructed considering the characteristic that the uncertainty of stochastic variables reduces when time approaches. It is shown that the model constructed could notably promote the certainty gain of VPP.