Reduction of price volatility using thermostatically controlled loads in local electricity markets

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Abstract

Price volatility in electricity markets could significantly increase as a result of the increase in demand due to the electrification of heating and transport and intermittent power generation from large scale integration of renewable energy sources. In some parts of the grid, price volatility may be even more extreme due to congestion. Energy storage and price responsive demand provide a potential source of flexibility to reduce excessive variations in price. In this paper, we investigate the potential of one such type of price responsive demand, namely thermostatically controlled loads, to mitigate against this adverse economic effect through a coordination mechanism that gives explicit constraints on the local electricity price. In a simulation based study that focuses on an energy community situated in a congested part of the distribution grid, we investigate to what extent thermostatically controlled loads can provide load reduction in order to cap prices at a specified limit. Results show that congestion and the resulting price spikes can effectively be mitigated by exploiting the thermal inertia of the households.

Original languageEnglish
Title of host publicationProceedings of 2020 IEEE PES Innovative Smart Grid Technologies Europe, ISGT-Europe 2020
PublisherIEEE
Pages76-80
Number of pages5
ISBN (Electronic)9781728171005
DOIs
Publication statusPublished - 2020
Event10th IEEE PES Innovative Smart Grid Technologies Europe, ISGT-Europe 2020 - Virtual/online event due to COVID-19, Delft, Netherlands
Duration: 26 Oct 202028 Oct 2020
Conference number: 10
https://ieee-isgt-europe.org/

Publication series

NameIEEE PES Innovative Smart Grid Technologies Conference Europe
Volume2020-October

Conference

Conference10th IEEE PES Innovative Smart Grid Technologies Europe, ISGT-Europe 2020
Abbreviated titleISGT-Europe 2020
CountryNetherlands
CityDelft
Period26/10/2028/10/20
OtherVirtual/online event due to COVID-19
Internet address

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