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Experimental Validation of an Enhanced System Synthesis Approach Read chapter Read first chapter

2016 | OriginalPaper | Chapter

Day-Ahead Versus Intraday Valuation of Flexibility for Photovoltaic and Wind Power Systems

Authors : Ernesto Garnier, Reinhard Madlener

Published in: Operations Research Proceedings 2014

Publisher: Springer International Publishing

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Abstract

This paper takes the perspective of a photovoltaic (PV) or wind power plant operator who wants to optimally allocate demand-side flexibility to maximize realizable production value. We compare two allocation alternatives: (1) use of flexible loads to maximize relative day-ahead market value by shifting the portfolio balance in view of day-ahead prices; (2) use of flexible loads in intraday operations to minimize the costs incurred when balancing forecast errors. We argue that the second alternative yields a greater average value than the first in continuous-trade intraday markets. The argument is backed by a market data analysis for Germany in 2013.

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Footnotes
1
The amount of slots within \(R^t\) depends on the time span by which demand can be shifted and on the granularity by which time is dissected into slots (e.g., 15 min versus one hour).
 
2
Note that these requirements are given in order to focus on the aspect under investigation—relative market value optimization for PV or wind. Relaxing the constraints is easily possible; however, it would introduce other effects, i.e. short day-ahead portfolios and demand volatility.
 
3
In Germany, the bulk of PV and wind power production is currently integrated into the market by the four transmission system operators (TSOs). The 61 % short positions refer to actual production deviations from forecasts, at an aggreagate level (sum of TSOs) for 15-min delivery slots.
 
4
This means that demand can be brought forward or postponed by up to two hours.
 
5
One hour covers four 15-min intervals. Considering the two hours prior and after the current delivery hour, we get a total of 17 slots, including the current slot.
 
Literature
1.
2.
Garnier, E., Madlener, R.: Balancing forecast errors in continuous-trade intraday markets. FCN Working Paper No. 2/2014, RWTH Aachen University (2014). doi:10.​2139/​ssrn.​2463199
3.
Garnier, E., Madlener, R.: Day-ahead versus intraday valuation of demand-side flexibility for photovoltaic and wind power systems. FCN Working Paper No. 17/2014, RWTH Aachen University (2014). doi:10.​2139/​ssrn.​2556210
4.
5.
Hirth, L.: The market value of variable renewables: the effect of solar wind power variability on their relative price. Energy Economics 38, 218–236 (2013)CrossRef
6.
Klobasa, M.: Analysis of demand response and wind integration in Germany’s electricity market. IET Renew. Power Gener. 4(1), 55–63 (2010)CrossRef
7.
8.
Von Roon, S.: Empirische Analyse über die Kosten des Ausgleichs von Prognosefehlern der Wind- und PV-Stromerzeugung. Wien, 7. Internationale Energiewirtschaftstagung an der TU Wien, 16–18 Feb 2011
Metadata
Title
Day-Ahead Versus Intraday Valuation of Flexibility for Photovoltaic and Wind Power Systems
Authors
Ernesto Garnier
Reinhard Madlener
Copyright Year
2016
Book
Operations Research Proceedings 2014

Print ISBN: 978-3-319-28695-2

Electronic ISBN: 978-3-319-28697-6

Copyright Year: 2016

DOI
https://doi.org/10.1007/978-3-319-28697-6_24