Probabilistic correlation of renewable energies within energy hubs for cooperative games in integrated energy markets

• Published in: Electric power systems research Vol. 199; p. 107397
• Main Authors: Heidari, A., Bansal, R.C.
• Format: Journal Article
• Language: English
• Published: Amsterdam Elsevier B.V 01.10.2021; Elsevier Science Ltd
• Subjects: Alternative energy; Correlation; Correlation analysis; Energy hub; Game theory; Game-theoretic approach; Hubs; Integrated energy market; Irradiation; Mathematical programming; Optimization; Renewable energies; Renewable energy sources; Spatio-temporal correlation; Studies; Time of use; Wind speed; Wind turbines; Energy hub; Spatio-temporal correlation; Renewable energies; Game-theoretic approach; Integrated energy market
• ISSN: 0378-7796; 1873-2046
• DOI: 10.1016/j.epsr.2021.107397

•Cooperative and non-cooperative modes of energy hubs to seek profit maximization.•Spatiotemporal correlations of renewable energies and price responsive loads.•Nonlinear AC power flows and Weymouth equations in an integrated energy market.•Nash equilibrium in game-theoretic approach for the behaviour of strategic players. Utilizing renewable energy sources like wind turbines and solar panels is increasing annually due to environmental and economic opportunities. Wind speed and solar irradiation depend on the time of day and the location of the site. The correlation of renewable energies with load and consequently with price in an energy market yields a more accurate estimation of energy optimization and consumption patterns. This problem will be more complicated when energy hubs choose to play in the integrated energy markets based on their coalitions with other energy hubs. An energy hub may join another energy hub to cooperate in an energy market or play self-autonomous to maximize its profit. This paper proposes a spatiotemporal correlation of wind speed, solar irradiation, and price responsive loads considering cooperative and non-cooperative modes of energy hubs based on a game-theoretic approach in an integrated energy market. This paper applies mathematical programming with equilibrium constraints to solve the highly competitive behavior of the energy hubs in this market considering loss. Two comparative and comprehensive case studies demonstrate the strategic actions of the energy hubs in these complicated conditions.