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Two-stage distributionally robust offering and pricing strategy for a price-maker virtual power plant

Wang, Jun, Xu, Jian, Wang, Jingjing, Ke, Deping, Yao, Liangzhong, Zhou, Yue ORCID: https://orcid.org/0000-0002-6698-4714 and Liao, Siyang 2024. Two-stage distributionally robust offering and pricing strategy for a price-maker virtual power plant. Applied Energy 363 , 123005. 10.1016/j.apenergy.2024.123005
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Abstract

This paper presents a two-stage distributionally robust approach for offering and pricing strategy of a virtual power plant (VPP) acting as a price-maker in the day-ahead market. The model incorporates uncertainties related to distributed photovoltaic (PV) output, real-time market price and charging stations demand. In the first stage, the VPP determines its day-ahead market bids/offers as a price maker and releases the retail price to the charging stations based on the worst case of probability distribution realizations. In the second stage, the VPP optimizes energy storage operations and the power transactions in the real-time market to maximize its revenue according to the optimal first stage decisions. To efficiently solve the two-stage model, a customized column-and-constraint generation algorithm (C&CG) is designed that decomposes non-convex subproblems into several small-scale linear programming problems that are independent of each other. The effectiveness of the proposed strategy is validated through case studies conducted with the IEEE 33-bus system.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Engineering
Publisher: Elsevier
ISSN: 0306-2619
Date of First Compliant Deposit: 4 June 2024
Date of Acceptance: 8 March 2024
Last Modified: 05 Jun 2024 02:57
URI: https://orca.cardiff.ac.uk/id/eprint/167890

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