Multi-stage stochastic programming based offering strategy for hydrogen fueling station in joint energy, reserve markets

Xiong Wu, Wencheng Zhao, Haoyu Li, Bingwen Liu, Ziyu Zhang and Xiuli Wang

Renewable Energy, 2021, vol. 180, issue C, 605-615

Abstract: Hydrogen fueling stations (HFSs) with onsite hydrogen production systems, which are usually composed of electrolyzers, hydrogen storage tanks and fuel cells, not only supply hydrogen for hydrogen-powered vehicles but also serve as a dispatchable technology that can bid in electricity markets. Except participating in energy market, joining in reserve market can compensate the cost in energy market and increase the total revenue of HFS. This paper proposes a multi-stage stochastic programming model to find the optimal offering strategy of the HFS in energy, reserve markets taking into account a series of uncertainties: day-ahead price, secondary reserve price, system imbalance price and hydrogen demand. Nonanticipativity constraints are employed to guarantee the decisions are made according to the realized uncertainty information up to the present stage. Compared with traditional stochastic programming model, the proposed model adequately considers the sequential bidding decisions with the gradual revealing of the uncertainty over time. Numerical experiments based on one case study indicate that the participation of reserve market greatly increase the revenue of HFS. In addition, the proposed multi-stage stochastic programming model is effective in characterizing the sequential decision.

Keywords: Hydrogen fueling station; Multi-stage stochastic programming; Nonanticipacivity constraints; Offering strategy; Joint markets (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (12)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:renene:v:180:y:2021:i:c:p:605-615

DOI: 10.1016/j.renene.2021.08.076

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