TY - GEN
T1 - Strategic Storage Operation in Wholesale Electricity Markets
T2 - 58th IEEE Conference on Decision and Control, CDC 2019
AU - Huang, Qisheng
AU - Xu, Yunjian
AU - Courcoubetis, Costas
N1 - Publisher Copyright:
© 2019 IEEE.
PY - 2019/12
Y1 - 2019/12
N2 - To investigate the impact of the strategic operation of large-scale energy storage systems on wholesale electricity markets, we construct a Cournot competition model where multiple merchant storage owners and the market maker (social planner) move simultaneously. Each merchant storage owner seeks to maximize its own profit whereas the market maker makes the centralized generation dispatch and power network rebalancing decisions to maximize the social welfare. We show the existence and uniqueness of the Cournot equilibrium. We further show that the social welfare achieved at the Cournot equilibrium is always no less than that achieved in a market without energy storage. Numerical experiments are conducted on the IEEE RTS-24 bus test system to validate established results.
AB - To investigate the impact of the strategic operation of large-scale energy storage systems on wholesale electricity markets, we construct a Cournot competition model where multiple merchant storage owners and the market maker (social planner) move simultaneously. Each merchant storage owner seeks to maximize its own profit whereas the market maker makes the centralized generation dispatch and power network rebalancing decisions to maximize the social welfare. We show the existence and uniqueness of the Cournot equilibrium. We further show that the social welfare achieved at the Cournot equilibrium is always no less than that achieved in a market without energy storage. Numerical experiments are conducted on the IEEE RTS-24 bus test system to validate established results.
UR - https://www.scopus.com/pages/publications/85082500465
U2 - 10.1109/CDC40024.2019.9029597
DO - 10.1109/CDC40024.2019.9029597
M3 - 会议稿件
AN - SCOPUS:85082500465
T3 - Proceedings of the IEEE Conference on Decision and Control
SP - 2201
EP - 2207
BT - 2019 IEEE 58th Conference on Decision and Control, CDC 2019
PB - Institute of Electrical and Electronics Engineers Inc.
Y2 - 11 December 2019 through 13 December 2019
ER -