Directly Constraining Marginal Prices in Distribution Grids Using Demand-Side Flexibility

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Abstract

Recently, the volatility associated with marginal prices has increased due to large scale integration of renewable generation. Price volatility is undesirable from a consumer perspective. To address this issue, we present a framework for hedging that uses duality theory for quantifying the amount of demand-side flexibility required for constraining marginal prices to the consumers maximum willingness to pay for electricity. Using our formulation, we investigate the ability of an Energy Storage System (ESS), as a demand-side flexibility source, to hedge against electricity price volatility across a multi-time period horizon while accounting for its intertemporal constraints. Additionally, we analyze the economical benefit that operating the ESS under information forecasts brings to the consumers.

Original languageEnglish
Title of host publication2019 IEEE Power and Energy Society General Meeting, PESGM 2019
PublisherIEEE
Number of pages5
Volume2019-August
ISBN (Electronic)9781728119816
DOIs
Publication statusPublished - 2019
Event2019 IEEE Power and Energy Society General Meeting, PESGM 2019 - Atlanta, United States
Duration: 4 Aug 20198 Aug 2019
http://www.pes-gm.org/2019/

Conference

Conference2019 IEEE Power and Energy Society General Meeting, PESGM 2019
Abbreviated titlePESGM 2019
CountryUnited States
CityAtlanta
Period4/08/198/08/19
Internet address

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