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Journal article
A robust participation in the load following ancillary service and energy markets for a virtual power plant in Western Australia
Energies, Vol.16(7)
2023
Abstract
Virtual power plants (VPPs) are an effective platform for attracting private investment and customer engagement to speed up the integration of green renewable resources. In this paper, a robust bidding strategy to participate in both energy and ancillary service markets in the wholesale electricity market is proposed for a realistic VPP in Western Australia. The strategy is accurate and fast, so the VPP can bid in a very short time period. To engage customers in the demand management schemes of the VPP, the gamified approach is utilized to make the exercise enjoyable while not compromising their comfort levels. The modelling of revenue, expenses, and profit for the load-following ancillary service (LFAS) is provided, and the effective bidding strategy is developed. The simulation results show a significant improvement in the financial indicators of the VPP when participating in both the LFAS and energy markets. The payback period can be improved by 3 years to the payback period of 6 years and the internal rate of return (IRR) by 7.5% to the IRR of 18% by participating in both markets. The accuracy and speed of the proposed bidding strategy method is evident when compared with a mathematical method.
Details
- Title
- A robust participation in the load following ancillary service and energy markets for a virtual power plant in Western Australia
- Authors/Creators
- Behnaz Behi - Murdoch UniversityPhilip JenningsAli Arefi - Murdoch University, Centre for Water, Energy and WasteAli Azizivahed - University of Technology SydneyAlmantas PivrikasS.M. Muyeen - Curtin UniversityA. Gorjy
- Publication Details
- Energies, Vol.16(7)
- Publisher
- MDPI
- Identifiers
- 991005566468707891
- Copyright
- © 2023 by the authors.
- Murdoch Affiliation
- School of Engineering and Energy; Centre for Water, Energy and Waste
- Resource Type
- Journal article
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- 4.18 Power Systems & Electric Vehicles
- 4.18.204 Smart Grid Optimization
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