Bidding Strategy for VPP and Economic Feasibility Study of the Optimal Sizing of Storage Systems to Face the Uncertainty of Solar Generation Modelled with IGDT

Michelle Maceas Henao and Jairo José Espinosa Oviedo
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Michelle Maceas Henao: Grupo de Automática de la Universidad Nacional de Colombia, GAUNAL, Departamento de Energía Eléctrica y Automática, Universidad Nacional de Colombia Sede Medellín, Medellín 050034, Colombia
Jairo José Espinosa Oviedo: Grupo de Automática de la Universidad Nacional de Colombia, GAUNAL, Departamento de Energía Eléctrica y Automática, Universidad Nacional de Colombia Sede Medellín, Medellín 050034, Colombia

Energies, 2022, vol. 15, issue 3, 1-13

Abstract: Virtual power plants (VPP) emerge as a new participant that, in order to maximise their visibility and income, represents a group of distributed energy resources (DER) in the electricity market. However, this DER aggregation brings challenges, such as fluctuating renewable sources dependent on weather variables and guaranteeing power set points. One way to deal with these intermittencies is to incorporate the energy storage system (ESS) into the VPPs. Therefore, this paper presents a novel bidding strategy of VPP that includes modelling the uncertainty associated with solar generation using information gap decision theory (IGDT) and the optimal sizing of ESS systems so as to deal with solar generation fluctuations. Additionally, a study is carried out to determine the economic viability of this methodology in the short, medium and long terms using the return on investment (ROI).

Keywords: virtual power plant; storage systems; IGDT; energy storage system sizing; return on investment (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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