Abstract
This chapter describes the optimal scheduling problem of a virtual power plant (VPP) participating in energy markets. A risk-averse VPP is considered, i.e., some metrics are introduced on the problem to control the risk associated with the scheduling decisions. With this purpose, four different models are provided and described, namely a stochastic programming problem, a static robust model, a hybrid stochastic-robust problem, and an adaptive robust optimization approach.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Baringo, A., Baringo, L.: A stochastic adaptive robust optimization approach for the offering strategy of a virtual power plant. IEEE Trans. Power Syst. 32(5), 3492–3504 (2017)
Baringo, A., Conejo, A.J.: Offering strategy via robust optimization. IEEE Trans. Power Syst. 26(3), 1418–1425 (2011)
Ben-Tal, A., Goryashko, A., Guslitzer, E., Nemirovski, A.: Adjustable robust solutions of uncertain linear programs. Math. Program. 99(2), 351–376 (2004)
Bertsimas, D., Sim, M.: Robust discrete optimization and network flows. Math. Program. 98(1–3), 49–71 (2003)
Bertsimas, D., Sim, M.: The price of robustness. Oper. Res. 52(1), 35–53 (2004)
Conejo, A.J., Carrión, M., Morales, J.M.: Decision Making Under Uncertainty in Electricity Markets. Springer, New York, US (2010)
Floudas, C.A.: Nonlinear and Mixed-Integer Optimization. Fundamentals and Applications. Oxford University Press, New York (1995)
GAMS.: Available at www.gams.com/ (2020)
ILOG CPLEX.: Available at www.ilog.com/products/cplex/ (2019)
Jiang, R., Zhang, M., Li, G., Guan, Y.: Two-stage network constrained robust unit commitment problem. Eur. J. Oper. Res. 234(3), 751–762 (2014)
Rahimiyan, M., Baringo, L: Strategic bidding for a virtual power plant in the day-ahead and real-time markets: A price-taker robust optimization approach. IEEE Trans. Power Syst. 31(4), 2676–2687 (2016)
Rahimiyan, M., Baringo, L: Real-time energy management of a smart virtual power plant. IET Gener. Transm. Distrib. 13(11), 2015–2023 (2018)
Rockafellar, R.T., Uryasev, S.P.: Optimization of conditional value-at-risk. J. Risk 2, 21–42 (2000)
Sioshansi, R., Conejo, A.J.: Optimization in Engineering. Models and Algorithms. Springer, New York, US (2017)
Zeng, B., Zhao, L.: Solving two-stage robust optimization problems using a column-and-constraint generation method. Oper. Res. Lett. 41(5), 457–461 (2013)
Author information
Authors and Affiliations
Rights and permissions
Copyright information
© 2020 Springer Nature Switzerland AG
About this chapter
Cite this chapter
Baringo, L., Rahimiyan, M. (2020). Optimal Scheduling of a Risk-Averse Virtual Power Plant in Energy Markets. In: Virtual Power Plants and Electricity Markets. Springer, Cham. https://doi.org/10.1007/978-3-030-47602-1_4
Download citation
DOI: https://doi.org/10.1007/978-3-030-47602-1_4
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-47601-4
Online ISBN: 978-3-030-47602-1
eBook Packages: EnergyEnergy (R0)