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22 - Storage Allocation for Price Volatility Management in Electricity Markets

from Part VI - Game Theory

Published online by Cambridge University Press:  22 March 2021

By
Amin Masoumzadeh ,
Ehsan Nekouei  and
Tansu Alpcan
Edited by
Ali Tajer ,
Samir M. Perlaza  and
H. Vincent Poor
Ali Tajer
Affiliation:
Rensselaer Polytechnic Institute, New York
Samir M. Perlaza
Affiliation:
INRIA
H. Vincent Poor
Affiliation:
Princeton University, New Jersey
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Summary

This chapter presents a game-theoretic solution to several challenges in electricity markets, e.g., intermittent generation; high levels of average prices; price volatility; and fundamental aspects concerning the environment, reliability, and affordability. It proposes a stochastic bi-level optimization model to find the optimal nodal storage capacities required to achieve a certain price volatility level in a highly volatile energy-only electricity market. The decision on storage capacities is made in the upper-level problem and the operation of strategic/regulated generation, storage, and transmission players is modeled in the lower-level problem using an extended stochastic (Bayesian) Cournot-based game.

Keywords

storagepricevolatilityelectricity marketoptimization
Type
Chapter
Information
Advanced Data Analytics for Power Systems , pp. 545 - 570
Publisher: Cambridge University Press
Print publication year: 2021

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