Risk-constrained self-scheduling of a hybrid power plant considering interval-based intraday demand response exchange market prices

Abstract

Hybrid power plants (HPPs) integrating dispatchable and non-dispatchable generation are gaining attention by generation companies due to their increased flexibility in the operation of the power system. In this paper, an offering and bidding framework for an HPP consisting wind, photovoltaic (PV), compressed air energy storage (CAES), battery energy storage (BES), and thermal units in day-ahead (DA) and intraday markets is presented. Moreover, the interaction between the HPP and demand response providers (DRPs) through the intraday demand response exchange (IDREX) market is incorporated into the proposed model. The existing uncertainties such as DA, intraday, imbalance prices, along with renewable energy and IDREX market, are tackled via a hybrid stochastic-interval approach. The suggested structure is not only capable of handling both stochastic and interval uncertainties but also can manage the risk associated with both uncertainty characterization methods. To this end, the proposed risk-constrained offering and bidding model turns into a tri-objective optimization problem in which the normal boundary intersection (NBI) procedure is applied for its solution. The numerical results demonstrate that the proposed framework is well capable of simultaneously reaching risk-taker and risk-averse strategies.