A Two-Stage Cooperative Scheduling Model for Virtual Power Plants Accounting for Price Stochastic Perturbations

Yan Lu (), Jian Zhang, Bo Lu and Zhongfu Tan
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Yan Lu: Economic and Technical Research Institute of State Grid Jibei Electric Power Co., Beijing 100054, China
Jian Zhang: State Grid Jibei Electric Power Co., Beijing 100054, China
Bo Lu: Beijing Bowang Huake Technology Co., Beijing 100054, China
Zhongfu Tan: School of Economics and Management, North China Electric Power University, Beijing 102206, China

Energies, 2025, vol. 18, issue 17, 1-23

Abstract: With the increasing integration of renewable energy, virtual power plants (VPPs) have emerged as key market participants by aggregating distributed energy resources. However, their involvement in electricity markets is increasingly challenged by two major uncertainties: price volatility and the intermittency of renewable generation. This study presents the first application of Information Gap Decision Theory (IGDT) within a two-stage cooperative scheduling framework for VPPs. A novel bidding strategy model is proposed, incorporating both robust and opportunistic optimization methods to explicitly account for decision-making behaviors under different risk preferences. In the day-ahead stage, a risk-responsive bidding mechanism is designed to address price uncertainty. In the real-time stage, the coordinated dispatch of micro gas turbines, energy storage systems, and flexible loads is employed to minimize adjustment costs arising from wind and solar forecast deviations. A case study using spot market data from Shandong Province, China, shows that the proposed model not only achieves an effective balance between risk and return but also significantly improves renewable energy integration and system flexibility. This work introduces a new modeling paradigm and a practical optimization tool for precision trading under uncertainty, offering both theoretical and methodological contributions to the coordinated operation of flexible resources and the design of electricity market mechanisms.

Keywords: virtual power plant; electricity price uncertainty; two-phase dispatch; information gap decision theory; cooperative market trading (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: 2025
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