LAPSE:2023.30797
Published Article
LAPSE:2023.30797
A Robust Participation in the Load Following Ancillary Service and Energy Markets for a Virtual Power Plant in Western Australia
Behnaz Behi, Philip Jennings, Ali Arefi, Ali Azizivahed, Almantas Pivrikas, S. M. Muyeen, Arian Gorjy
April 17, 2023
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.
Keywords
ancillary service, bidding strategy, customer engagement, energy market, gamification, internal rate of return, load-following ancillary service, payback period, virtual power plants, wholesale electricity market
Suggested Citation
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. (2023). LAPSE:2023.30797
Author Affiliations
Behi B: School of Engineering and Energy, Murdoch University, Murdoch, WA 6150, Australia [ORCID]
Jennings P: School of Engineering and Energy, Murdoch University, Murdoch, WA 6150, Australia [ORCID]
Arefi A: School of Engineering and Energy, Murdoch University, Murdoch, WA 6150, Australia
Azizivahed A: School of Electrical and Data Engineering, University of Technology Sydney, Broadway, NSW 2007, Australia
Pivrikas A: School of Engineering and Energy, Murdoch University, Murdoch, WA 6150, Australia
Muyeen SM: Department of Electrical Engineering, Qatar University, Doha P.O. Box 2713, Qatar [ORCID]
Gorjy A: Innogreen Technologies Pty Ltd., Perth, WA 6000, Australia
Journal Name
Energies
Volume
16
Issue
7
First Page
3054
Year
2023
Publication Date
2023-03-27
Published Version
ISSN
1996-1073
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Original Submission
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PII: en16073054, Publication Type: Journal Article
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LAPSE:2023.30797
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doi:10.3390/en16073054
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Apr 17, 2023
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