TY - GEN
T1 - Techno-economic assessment of energy management strategies for a renewable portfolio with storage systems in energy and frequency reserve markets
AU - Gonzalez-Garrido, A.
AU - Saez-De-Ibarra, A.
AU - Milo, A.
AU - Gaztanaga, H.
AU - Eguia, P.
N1 - Publisher Copyright:
© 2019 IEEE.
PY - 2019/9
Y1 - 2019/9
N2 - This paper presents an advanced energy management strategy for a renewable portfolio with storage systems for the optimal joint participation in energy and reserve markets. The main objective is to maximize the portfolio profitability, finding a trade-off between market revenues, overall storage costs and a reliable operation. This proposed strategy is based on two-level architecture. In the upper level, optimal market schedules are calculated and updated during the day considering renewable forecast, market requirements and the limited storage capacity. While in the lower level, a decision-making process is applied in real-Time operation according to three different portfolio controls which are analyzed and compared in this paper (decentralized, cooperative and centralized). Results show that centralized control improves the portfolio profitability: market revenues increase, and storage lifetime enlarges, reducing its overall cost.
AB - This paper presents an advanced energy management strategy for a renewable portfolio with storage systems for the optimal joint participation in energy and reserve markets. The main objective is to maximize the portfolio profitability, finding a trade-off between market revenues, overall storage costs and a reliable operation. This proposed strategy is based on two-level architecture. In the upper level, optimal market schedules are calculated and updated during the day considering renewable forecast, market requirements and the limited storage capacity. While in the lower level, a decision-making process is applied in real-Time operation according to three different portfolio controls which are analyzed and compared in this paper (decentralized, cooperative and centralized). Results show that centralized control improves the portfolio profitability: market revenues increase, and storage lifetime enlarges, reducing its overall cost.
KW - Energy management strategy
KW - energy storage
KW - market participation
KW - renewable portfolio
KW - reserve markets
UR - https://www.scopus.com/pages/publications/85076767875
U2 - 10.1109/EEM.2019.8916445
DO - 10.1109/EEM.2019.8916445
M3 - Conference contribution
AN - SCOPUS:85076767875
T3 - International Conference on the European Energy Market, EEM
BT - 16th International Conference on the European Energy Market, EEM 2019
PB - IEEE Computer Society
T2 - 16th International Conference on the European Energy Market, EEM 2019
Y2 - 18 September 2019 through 20 September 2019
ER -