A Robust Participation in the Load Following Ancillary Service and Energy Markets for a Virtual Power Plant in Western Australia

Behi, B; Jennings, P; Arefi, A; Azizivahed, A; Pivrikas, A; Muyeen, SM; Gorjy, A

A Robust Participation in the Load Following Ancillary Service and Energy Markets for a Virtual Power Plant in Western Australia

Behi, B Jennings, P Arefi, A Azizivahed, A Pivrikas, A Muyeen, SM Gorjy, A

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Publisher:: MDPI
Publication Type:: Journal Article
Citation:: Energies, 2023, 16, (7), pp. 3054
Issue Date:: 2023-04-01

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Field	Value	Language
dc.contributor.author	Behi, B
dc.contributor.author	Jennings, P
dc.contributor.author	Arefi, A
dc.contributor.author	Azizivahed, A
dc.contributor.author	Pivrikas, A
dc.contributor.author	Muyeen, SM
dc.contributor.author	Gorjy, A
dc.date.accessioned	2024-03-24T02:56:49Z
dc.date.available	2024-03-24T02:56:49Z
dc.date.issued	2023-04-01
dc.identifier.citation	Energies, 2023, 16, (7), pp. 3054
dc.identifier.issn	1996-1073
dc.identifier.issn	1996-1073
dc.identifier.uri	http://hdl.handle.net/10453/177038
dc.description.abstract	Virtual power plants (VPPs) are an effective platform for attracting private investment and customer engagement to speed up the integration of green renewable resources. In this paper, a robust bidding strategy to participate in both energy and ancillary service markets in the wholesale electricity market is proposed for a realistic VPP in Western Australia. The strategy is accurate and fast, so the VPP can bid in a very short time period. To engage customers in the demand management schemes of the VPP, the gamified approach is utilized to make the exercise enjoyable while not compromising their comfort levels. The modelling of revenue, expenses, and profit for the load-following ancillary service (LFAS) is provided, and the effective bidding strategy is developed. The simulation results show a significant improvement in the financial indicators of the VPP when participating in both the LFAS and energy markets. The payback period can be improved by 3 years to the payback period of 6 years and the internal rate of return (IRR) by 7.5% to the IRR of 18% by participating in both markets. The accuracy and speed of the proposed bidding strategy method is evident when compared with a mathematical method.
dc.language	en
dc.publisher	MDPI
dc.relation.ispartof	Energies
dc.relation.isbasedon	10.3390/en16073054
dc.rights	info:eu-repo/semantics/openAccess
dc.subject	02 Physical Sciences, 09 Engineering
dc.subject.classification	33 Built environment and design
dc.subject.classification	40 Engineering
dc.subject.classification	51 Physical sciences
dc.title	A Robust Participation in the Load Following Ancillary Service and Energy Markets for a Virtual Power Plant in Western Australia
dc.type	Journal Article
utslib.citation.volume	16
utslib.for	02 Physical Sciences
utslib.for	09 Engineering
pubs.organisational-group	University of Technology Sydney
pubs.organisational-group	University of Technology Sydney/Faculty of Engineering and Information Technology
pubs.organisational-group	University of Technology Sydney/Faculty of Engineering and Information Technology/School of Electrical and Data Engineering
utslib.copyright.status	open_access	*
dc.date.updated	2024-03-24T02:56:47Z
pubs.issue	7
pubs.publication-status	Published
pubs.volume	16
utslib.citation.issue	7

Abstract:

Virtual power plants (VPPs) are an effective platform for attracting private investment and customer engagement to speed up the integration of green renewable resources. In this paper, a robust bidding strategy to participate in both energy and ancillary service markets in the wholesale electricity market is proposed for a realistic VPP in Western Australia. The strategy is accurate and fast, so the VPP can bid in a very short time period. To engage customers in the demand management schemes of the VPP, the gamified approach is utilized to make the exercise enjoyable while not compromising their comfort levels. The modelling of revenue, expenses, and profit for the load-following ancillary service (LFAS) is provided, and the effective bidding strategy is developed. The simulation results show a significant improvement in the financial indicators of the VPP when participating in both the LFAS and energy markets. The payback period can be improved by 3 years to the payback period of 6 years and the internal rate of return (IRR) by 7.5% to the IRR of 18% by participating in both markets. The accuracy and speed of the proposed bidding strategy method is evident when compared with a mathematical method.

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http://hdl.handle.net/10453/177038