Joint energy-frequency regulation electricity market design for the transition towards a renewable-rich power system
Wang, Kun, Yang, Jiajia, Zhang, Chunyue, Wen, Fushuan, and Lu, Gang (2024) Joint energy-frequency regulation electricity market design for the transition towards a renewable-rich power system. International Journal of Electrical Power and Energy Systems, 155. 109504.
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Abstract
Striving to develop renewable energy generation (REG) has become a global trend. Due to high carbon emissions, fossil-fueled generation units (FFGUs) in an electrical energy market such as the day-ahead and real-time electricity markets are facing unprecedented constraints. From the perspective of FFGUs, an effective way is to change their market roles from energy suppliers with high environmental costs to secure and reliable frequency regulation service providers. To help FFGUs successfully complete the transition, a bi-level optimization model for the joint energy and regulation service market is proposed in this paper. Different from existing joint markets, both the environmental cost of FFGUs and the frequency regulation service (FRS) cost of REG units are considered in this research for market operators to determine the scheduling priorities of submitted bids from generation units. In the frequency regulation service market model, a dynamic approach to determining the FRS demand is applied, which not only incentivizes REG units to initiatively manage their outputs, but also derives the price signals through the equilibrium of the FRS demand and supply to ensure the revenue of FFGUs in the FRS market. Meanwhile, the decision-making model of the FFGUs under the proposed market mechanism is also presented. Finally, extensive numerical experiments demonstrate the feasibility and efficiency of the mechanism. Simulation results show that the proposed mechanism can stimulate a smooth transition of FFGUs by adapting to actual situations and policy changes.
| Item ID: | 82116 |
|---|---|
| Item Type: | Article (Research - C1) |
| ISSN: | 1879-3517 |
| Keywords: | Carbon emission, Electricity market, Fossil-fueled generation unit (FFGU), Frequency regulation service, Joint energy-frequency regulation market, Renewable energy generation |
| Copyright Information: | © 2023 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/bync-nd/4.0/). |
| Date Deposited: | 24 Mar 2024 22:58 |
| FoR Codes: | 40 ENGINEERING > 4008 Electrical engineering > 400803 Electrical energy generation (incl. renewables, excl. photovoltaics) @ 50% 40 ENGINEERING > 4008 Electrical engineering > 400805 Electrical energy transmission, networks and systems @ 50% |
| SEO Codes: | 17 ENERGY > 1708 Renewable energy > 170808 Wind energy @ 50% 17 ENERGY > 1708 Renewable energy > 170804 Solar-photovoltaic energy @ 50% |
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