Abstract
The development of electricity spot trading provides an opportunity for microgrids to participate in the spot market transaction, which is of great significance to the research of microgrids participating in the electricity spot market. Under the background of spot market construction, this paper takes the microgrid including wind power, photovoltaic (PV), gas turbine, battery storage, and demand response as the research object, uses the stochastic optimization method to deal with the uncertainty of wind and PV power, and constructs a decision optimization model with the goal of maximizing the expected revenue of microgrids in the spot market. Through the case study, the optimal bidding electricity of microgrid operators in the spot market is obtained, and the revenue is USD 923.07. Then, this paper further investigates the effects of demand response, meteorological factors, market price coefficients, and cost coefficients on the expected revenue of microgrids. The results demonstrate that the demand response adopted in this paper has better social–economic benefits, which can reduce the peak load while ensuring the reliability of the microgrid, and the optimization model also ensure profits while extreme weather and related economic coefficients change, providing a set of scientific quantitative analysis tools for microgrids to trade electricity in the spot market.
Highlights
Latin hypercube sampling has been used to generate multiple sets of scenarios, a backward scenario reduction method has been used for scenario reduction, and a stochastic optimization algorithm has been used to deal with the uncertainties of wind power and load, so as to determine the optimal bidding strategy of microgrid operators [29]
With the continuous increase of renewable energy penetration, the operation of the microgrid has been seriously affected, which may make the microgrid face the risk of abandoning wind and PV or load shedding, and demand response (DR) resources participating in the operation of microgrid is an effective way to solve this problem
This paper introduces the price-based demand response (PBDR) and the incentive-based demand response (IBDR) to participate in the optimal dispatch of the microgrid
Summary
With the increasing of greenhouse gas emissions and the worsening of global environmental problems, as well as the commitments made by countries to carbon peaks and carbon neutrality, renewable energy power generation has gradually attracted wide attention from various countries. In the new round of power market reform, the government has clearly put forward the requirements of opening the electricity sales side, enriching the types of market entities, and allowing microgrids to participate in Sustainability 2021, 13, 6577. The construction of the spot market provides a strong market mechanism guarantee for the consumption of renewable energy such as wind and PV power in the microgrid. Under the influence of uncertain factors such as market price, renewable energy power output, and electric load, the economic dispatch of microgrids in the spot market has become a challenge. The research on the decision-making optimization model of microgrids’ participation in the spot market has practical needs and important significance
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