Hour-Ahead Offering Strategies in Electricity Market for Power Producers with Storage and Intermittent Supply

Lin Yang; Mohammad H. Hajiesmaili; Hanling Yi; Minghua Chen

doi:10.1145/3143314.3078543

Hour-Ahead Offering Strategies in Electricity Market for Power Producers with Storage and Intermittent Supply

Lin Yang, Mohammad H. Hajiesmaili, Hanling Yi, Minghua Chen

Research output: Journal Publications and Reviews › RGC 21 - Publication in refereed journal › peer-review

Abstract

This paper proposes online offering strategies for a storage-assisted renewable power producer that participates in hour-ahead electricity market. The online strategy determines the offering price and volume, while no exact or stochastic future information is available in a time-coupled setting in the presence of the storage. The proposed online strategy achieves the best possible competitive ratio of O(log θ), where θ is the ratio between the maximum and minimum clearing prices. Trace-driven experiments demonstrate that the proposed strategy achieves close-to-optimal performance.

Original language	English
Pages (from-to)	21-22
Journal	Performance Evaluation Review
Volume	45
Issue number	1
DOIs	https://doi.org/10.1145/3143314.3078543
Publication status	Published - Jun 2017
Externally published	Yes

Bibliographical note

The publication is also published in SIGMETRICS 2017 Abstracts - Proceedings of the 2017 ACM SIGMETRICS / International Conference on Measurement and Modeling of Computer Systems.

Funding

Mohammad Hajiesmaili would like to thank Enrique Mallada for his helpful comments and financial support. Œe work presented in this paper was supported by the University Grants CommiŠee of the Hong Kong Special Administrative Region, China (Œeme-based Research Scheme Project No. T23-407/13-N).

Research Keywords

competitive online algorithm design
hour-ahead electricity market
offering strategy
storage-assisted renewable power producer

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title = "Hour-Ahead Offering Strategies in Electricity Market for Power Producers with Storage and Intermittent Supply",

abstract = "This paper proposes online offering strategies for a storage-assisted renewable power producer that participates in hour-ahead electricity market. The online strategy determines the offering price and volume, while no exact or stochastic future information is available in a time-coupled setting in the presence of the storage. The proposed online strategy achieves the best possible competitive ratio of O(log θ), where θ is the ratio between the maximum and minimum clearing prices. Trace-driven experiments demonstrate that the proposed strategy achieves close-to-optimal performance.",

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AU - Yang, Lin

AU - Hajiesmaili, Mohammad H.

AU - Yi, Hanling

AU - Chen, Minghua

N1 - The publication is also published in SIGMETRICS 2017 Abstracts - Proceedings of the 2017 ACM SIGMETRICS / International Conference on Measurement and Modeling of Computer Systems.

PY - 2017/6

Y1 - 2017/6

N2 - This paper proposes online offering strategies for a storage-assisted renewable power producer that participates in hour-ahead electricity market. The online strategy determines the offering price and volume, while no exact or stochastic future information is available in a time-coupled setting in the presence of the storage. The proposed online strategy achieves the best possible competitive ratio of O(log θ), where θ is the ratio between the maximum and minimum clearing prices. Trace-driven experiments demonstrate that the proposed strategy achieves close-to-optimal performance.

AB - This paper proposes online offering strategies for a storage-assisted renewable power producer that participates in hour-ahead electricity market. The online strategy determines the offering price and volume, while no exact or stochastic future information is available in a time-coupled setting in the presence of the storage. The proposed online strategy achieves the best possible competitive ratio of O(log θ), where θ is the ratio between the maximum and minimum clearing prices. Trace-driven experiments demonstrate that the proposed strategy achieves close-to-optimal performance.

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KW - hour-ahead electricity market

KW - offering strategy

KW - storage-assisted renewable power producer

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ER -

Hour-Ahead Offering Strategies in Electricity Market for Power Producers with Storage and Intermittent Supply

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