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

Published: 05 June 2017 Publication History

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.

References

[1]
D. R. Jiang and W. B. Powell. Optimal hour-ahead bidding in the real-time electricity market with battery storage using approximate dynamic programming. INFORMS Journal on Computing, 27(3):525--543, 201
[2]
J. Lorenz, K. Panagiotou, and A. Steger. Optimal algorithms for k-search with application in option pricing. Algorithmica, 200
[3]
E. Mohr, I. Ahmad, and G. Schmidt. Online algorithms for conversion problems: A survey. Surveys in Operations Research and Management Science, 19(2), 2014.
[4]
L. Yang, M. H. Hajiesmaili, H. Yi, and M. Chen. Online offering strategies for storage-assisted renewable power producer in hour-ahead market. arXiv preprint arXiv:1612.00179, 2016.

Cited By

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  • (2022)Competitive Bidding Strategies for Online Linear Optimization with Inventory Management ConstraintsACM SIGMETRICS Performance Evaluation Review10.1145/3529113.352911549:3(6-7)Online publication date: 25-Mar-2022
  • (2019)An Optimal Randomized Online Algorithm for QoS Buffer ManagementACM SIGMETRICS Performance Evaluation Review10.1145/3308809.330882546:1(28-30)Online publication date: 17-Jan-2019
  • (2019)Learning from OptimalProceedings of the Tenth ACM International Conference on Future Energy Systems10.1145/3307772.3328308(326-330)Online publication date: 15-Jun-2019
  • Show More Cited By

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

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      Published In

      cover image ACM Conferences
      SIGMETRICS '17 Abstracts: Proceedings of the 2017 ACM SIGMETRICS / International Conference on Measurement and Modeling of Computer Systems
      June 2017
      84 pages
      ISBN:9781450350327
      DOI:10.1145/3078505
      • cover image ACM SIGMETRICS Performance Evaluation Review
        ACM SIGMETRICS Performance Evaluation Review  Volume 45, Issue 1
        Performance evaluation review
        June 2017
        70 pages
        ISSN:0163-5999
        DOI:10.1145/3143314
        Issue’s Table of Contents
      Permission to make digital or hard copies of part or all of this work for personal or classroom use is granted without fee provided that copies are not made or distributed for profit or commercial advantage and that copies bear this notice and the full citation on the first page. Copyrights for third-party components of this work must be honored. For all other uses, contact the Owner/Author.

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      New York, NY, United States

      Publication History

      Published: 05 June 2017

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      Author Tags

      1. competitive online algorithm design
      2. hour-ahead electricity market
      3. offering strategy
      4. storage-assisted renewable power producer

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      • Poster

      Funding Sources

      • University Grants Committee of the Hong Kong Special Administrative Region China

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      SIGMETRICS '17
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      Acceptance Rates

      SIGMETRICS '17 Abstracts Paper Acceptance Rate 27 of 76 submissions, 36%;
      Overall Acceptance Rate 459 of 2,691 submissions, 17%

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      Cited By

      View all
      • (2022)Competitive Bidding Strategies for Online Linear Optimization with Inventory Management ConstraintsACM SIGMETRICS Performance Evaluation Review10.1145/3529113.352911549:3(6-7)Online publication date: 25-Mar-2022
      • (2019)An Optimal Randomized Online Algorithm for QoS Buffer ManagementACM SIGMETRICS Performance Evaluation Review10.1145/3308809.330882546:1(28-30)Online publication date: 17-Jan-2019
      • (2019)Learning from OptimalProceedings of the Tenth ACM International Conference on Future Energy Systems10.1145/3307772.3328308(326-330)Online publication date: 15-Jun-2019
      • (2018)An Optimal Randomized Online Algorithm for QoS Buffer ManagementACM SIGMETRICS Performance Evaluation Review10.1145/3292040.321962946:1(28-30)Online publication date: 12-Jun-2018
      • (2018)An Optimal Randomized Online Algorithm for QoS Buffer ManagementAbstracts of the 2018 ACM International Conference on Measurement and Modeling of Computer Systems10.1145/3219617.3219629(28-30)Online publication date: 12-Jun-2018
      • (2017)An Optimal Randomized Online Algorithm for QoS Buffer ManagementProceedings of the ACM on Measurement and Analysis of Computing Systems10.1145/31544941:2(1-26)Online publication date: 19-Dec-2017
      • (2017)Crowd-Sourced Storage-Assisted Demand Response in MicrogridsProceedings of the Eighth International Conference on Future Energy Systems10.1145/3077839.3077841(91-100)Online publication date: 16-May-2017
      • (2021)Competitive bidding strategies for online linear optimization with inventory management constraintsPerformance Evaluation10.1016/j.peva.2021.102249152:COnline publication date: 1-Dec-2021
      • (2019)Learning from OptimalProceedings of the Tenth ACM International Conference on Future Energy Systems10.1145/3307772.3328308(326-330)Online publication date: 15-Jun-2019
      • (2019)Online Linear Programming with Uncertain Constraints : (Invited Paper)2019 53rd Annual Conference on Information Sciences and Systems (CISS)10.1109/CISS.2019.8693056(1-6)Online publication date: Mar-2019

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