Assessing flexibility options in electricity market clearing

Nikolaos E. Koltsaklis and Jaroslav Knápek

Renewable and Sustainable Energy Reviews, 2023, vol. 173, issue C

Abstract: This work presents a model to co-optimize the energy and reserves markets, taking into account the penetration and participation of various flexibility providers in both markets. In particular, a detailed unit commitment model has been developed based on mixed-integer programming techniques incorporating energy storage systems with both charging and discharging options, electric vehicles with both grid-to-vehicle and vehicle-to-grid modes, and demand response programs for cost-optimal energy and ancillary services scheduling. The balancing services considered include Frequency Containment Reserves (FCR), automatic Frequency Restoration Reserves (aFRR), and manual Frequency Restoration Reserves (mFRR), in both upward and downward directions. The impact of all these flexibility providers on operational and economic aspects has been assessed through an illustrative case study of a power system with high penetration of renewable energy sources, including thermal and hydroelectric power units. The results highlight the superiority of results when considering the participation of all flexibility providers, especially in the ancillary services market, in terms of economic competitiveness, renewable energy curtailment, associated CO2 emissions, and utilization of costly energy resources. The growing share of flexibility providers in both energy management and reserve provision mix highlights the importance of these sources for power mixes with low carbon content. The methodological framework developed can be employed by system operators, market participants, and policymakers to provide price signals and optimize their resources and portfolios.

Keywords: Optimization; Mixed-integer linear programming; Unit commitment; Power markets; Ancillary services; Flexibility; Electric vehicles; Energy storage; Demand response (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1364032122009650
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:rensus:v:173:y:2023:i:c:s1364032122009650

Ordering information: This journal article can be ordered from
http://www.elsevier.com/wps/find/journaldescription.cws_home/600126/bibliographic
http://www.elsevier. ... 600126/bibliographic

DOI: 10.1016/j.rser.2022.113084

Access Statistics for this article

Renewable and Sustainable Energy Reviews is currently edited by L. Kazmerski

More articles in Renewable and Sustainable Energy Reviews from Elsevier
Bibliographic data for series maintained by Catherine Liu ().