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Bidding Curve Design for Hybrid Power Plants with Uncertain Solar Forecast

Conference ·
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This paper presents a novel bidding curve design algorithm tailored for hybrid power plants (HPPs) to participate in the wholesale electricity market. Utilizing forecasts for photovoltaic (PV) generation and available battery power, our algorithm strategically computes the bidding curve to maximize HPP profit while adeptly managing the inherent uncertainty associated with PV power generation. In addition, the introduction of the penalty cost in HPP bidding curves provides the system operator a tool to effectively manage the system-level uncertainty that caused by HPPs. Numerical analysis through Monte Carlo simulations confirms that our bidding curve methodology outperforms the benchmark across various scenarios.
Research Organization:
National Renewable Energy Laboratory (NREL), Golden, CO (United States)
Sponsoring Organization:
USDOE Office of Energy Efficiency and Renewable Energy (EERE), Renewable Power Office. Solar Energy Technologies Office
DOE Contract Number:
AC36-08GO28308;
OSTI ID:
2558965
Report Number(s):
NREL/CP-5D00-94325; MainId:96107; UUID:62ecdee3-9987-4141-8e96-3e06bd18a73c; MainAdminId:76634
Conference Information:
Presented at IECON 2024 - 50th Annual Conference of the IEEE Industrial Electronics Society, 3-6 November 2024, Chicago, Illinois; NREL/CP-5D00-90787
Country of Publication:
United States
Language:
English

References (13)

Implications of bid structures on the offering strategies of merchant energy storage systems journal October 2019
Impact of storage competition on energy markets journal September 2018
When energy storage reduces social welfare journal January 2014
Forecasting Nodal Price Difference Between Day-Ahead and Real-Time Electricity Markets Using Long-Short Term Memory and Sequence-to-Sequence Networks journal January 2022
Energy Storage Participation in Wholesale Markets: The Impact of State-of-Energy Management journal January 2022
Arbitrage and Capacity Firming in Coordination with Day-Ahead Bidding of a Hybrid PV Plant conference July 2022
Pool Strategy of a Producer With Endogenous Formation of Locational Marginal Prices journal November 2009
Optimal Bidding, Scheduling, and Deployment of Battery Systems in California Day-Ahead Energy Market journal January 2016
Developing Bidding and Offering Curves of a Price-Maker Energy Storage Facility Based on Robust Optimization journal January 2019
Affinely Adjustable Robust Bidding Strategy for a Solar Plant Paired With a Battery Storage journal May 2019
Uniform Pricing vs Pay as Bid in 100%-Renewables Electricity Markets: A Game-theoretical Analysis conference June 2023
Opportunities for Research and Development of Hybrid Power Plants report May 2020
The Roles and Impacts of PV-Battery Hybrids in a Decarbonized U.S. Electricity Supply report September 2022

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Related Subjects

bidding curve
day-ahead market
economic dispatch
ENERGY CONSERVATION, CONSUMPTION, AND UTILIZATION,SOLAR ENERGY
hybrid power plant