A Stochastic Decision-Making Tool Suite for Distributed Energy Resources Integration in Energy Markets

Sergio Cantillo-Luna, Ricardo Moreno-Chuquen (), David Celeita and George J. Anders
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Sergio Cantillo-Luna: Faculty of Engineering, Universidad Autónoma de Occidente, Cali 760030, Colombia
Ricardo Moreno-Chuquen: Faculty of Engineering and Design, Universidad Icesi, Cali 760031, Colombia
David Celeita: Faculty of Engineering, Universidad de la Sabana, Chía 111321, Colombia
George J. Anders: Faculty of Electrical and Computer Engineering, Technical University of Lodz, 90-924 Lodz, Poland

Energies, 2024, vol. 17, issue 10, 1-28

Abstract: Energy markets are crucial for integrating Distributed Energy Resources (DER) into modern power grids. However, this integration presents challenges due to the inherent variability and decentralized nature of DERs, as well as poorly adapted regulatory environments. This paper proposes a medium-term decision-making approach based on a comprehensive suite of computational tools for integrating DERs into Colombian energy markets. The proposed framework consists of modular tools that are aligned with the operation of a Commercial Virtual Power Plant (CVPP). The tools aim to optimize participation in bilateral contracts and short-term energy markets. They use forecasting, uncertainty management, and decision-making modules to create an optimal portfolio of DER assets. The suite’s effectiveness and applicability are demonstrated and analyzed through its implementation with heterogeneous DER assets across various operational scenarios.

Keywords: commercial virtual power plants (CVPP); decision-making; distributed energy resources (DER); electricity markets; risk management (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: 2024
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