Abstract
Renewable energy (RE) penetration has strongly increased in the electricity market worldwide. Variability and availability of RE are challenging load-serving entity’s (LSE) decision-making about energy procurement portfolio and retail price offer. The influence of RE penetration on LSE’s optimal decisions would increase with penetration level. This necessitates an investigation on LSE’s participation strategy in electricity market under significant RE penetration. Besides RE, consumers’ flexible demand may negatively affect LSE’s decisions and eventually its expected profit. This necessitates dynamic retail pricing to manage flexible demand and exploit monetary benefits from it. In this perspective, this paper presents a model for LSE to determine optimal dynamic retail prices and optimal energy procurement portfolio in the presence of flexible demand and significant RE penetration. A case study is employed to illustrate and validate the proposed model.
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