Research on Joint Bidding in Multi-Market Strategy of Energy Storage Subject

• Published in: 2022 IEEE International Conference on Energy Internet (ICEI) pp. 61 - 66
• Main Authors: Lv, Meilin, Gan, Lei, Zhang, Mingxuan
• Format: Conference Proceeding
• Language: English
• Published: IEEE 01.12.2022
• Subjects: bidding strategy optimization; joint bidding in multi-market; Onsite energy storage
• DOI: 10.1109/ICEI57064.2022.00016

To solve the problems of energy crisis and environmental pollution, the construction of a new power system with high penetration of renewable energy has become a main target in power industry to achieve carbon neutrality. With the operation challenge of power system brought by the explosion of renewable energy generation, onsite battery storage systems.with their high energy density, ability to dynamically absorb, rapid response, and high control accuracy, has become one of the best solutions, which is advocated by Chinese government. However, current onsite storage resources are mostly used to strengthen the operational technique indicators of wind farms or PV stations or realize energy arbitrage with time-horizon price difference. This may undervalue the revenue of storage, because they can also provide regulation capacity to power system, benefiting from take part in ancillary markets. Thus, multiple markets, including energy, frequency control, and reserve market, were analyzed first to estimate the revenue and cost for onsite energy storage subject able to attend. On this base, a mixed integer linear bidding optimization model of onsite energy storage was established to participate multi-market, and solved via a commercial solver. Numerical result shows the feasibility of the proposed method and joint multi-market bidding can effectively increase the profitability of onsite energy storage system.