Offering strategy of thermal-photovoltaic-storage based generation company in day-ahead market

Abstract

Designing appropriate strategies for the participation of generation companies (GenCos) in the electricity markets has always been a concern for researchers. Generally, a set of dispatchable and non-dispatchable units constitute GenCos. This chapter presents a coordinated offering structure for the participation of a GenCo consisting of thermal, photovoltaic (PV), and battery storage system (BSS) in the day-ahead (DA) electricity market. The proposed offering structure is formulated as a three-stage stochastic programming problem while a scenario-based technique is utilized to handle the uncertainty related to electricity prices and PV production. From another point of view, a compatible risk-measuring index with multi-stage stochastic programming problems, namely conditional value at risk (CVaR), is also considered in the proposed structure. The proposed offering model is not only able to derive the offering curves of GenCo but also is capable of applying various emission limitations pertaining to thermal units.