In the evolving energy landscape, researchers from the University of Melbourne, including Chatum Sankalpa, Ghulam Mohy-ud-din, Erik Weyer, and Maria Vrakopoulou, are exploring ways to optimize the role of consumer energy resources (CERs) in electricity markets. Their recent study, published in the journal “IEEE Transactions on Power Systems,” focuses on improving the strategies used by aggregators who manage CERs like rooftop solar and battery energy storage (BES).
Aggregators face significant challenges due to the inherent uncertainties of CERs. To address these uncertainties, the researchers propose three efficient two-stage stochastic optimization methods: risk-neutral, robust, and chance-constrained. These methods are designed to help aggregators navigate the complexities of participating in energy and regulation services markets, specifically within the Australian National Electricity Market.
The study emphasizes the importance of utilizing the flexibility of BES, taking into account precise state-of-charge dynamics and complementarity constraints. The researchers formulate the problems as two-stage stochastic mixed-integer linear programs, employing scenario-based methodologies and affine recourse policies to achieve scalable performance. For large scenario sets, relaxations are adopted to ensure tractability.
The proposed methods were evaluated across various use cases, reflecting diverse operational and market settings, uncertainty characteristics, and decision-making preferences. The results demonstrate that these methods can effectively mitigate uncertainty, enhance profitability, and provide context-aware guidance for aggregators. This research offers practical applications for the energy sector, particularly for aggregators seeking to optimize their strategies in the face of CER uncertainties.
By providing a robust framework for decision-making, this study contributes to the ongoing efforts to integrate renewable energy resources into the electricity market, ultimately supporting the transition to a more sustainable energy future. The research was published in the IEEE Transactions on Power Systems, a reputable journal in the field of power and energy systems.
This article is based on research available at arXiv.