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Equilibrium Modelling and Analysis In Energy Market With A Novel Procurement Mechanism For Flexible Ramping Products
Flexible Ramping Product (FRP) is a promising auxiliary service for providing short-term ramping capacity within a 5–15 minute timeslot, in response to the unpredictability of net load caused by the rising penetration of renewable generation. This paper comprises a comprehensive investigation of the procurement mechanism of FRP as well as an analysis of market equilibrium. Firstly, a novel joint market paradigm is proposed to reflect the willingness of generation companies (GENCOs) to supply energy and FRP, respectively. Then, a Markov Game (MG) model is developed to formulate the joint market bidding strategy optimization technique. An innovative Reinforcement-Learning-based algorithm is developed to solve the MG model with an estimate of the market equilibrium, taking privacy protection into account during the simulation of market operations. Finally, two representative test markets are used to validate the proposed model and algorithm in the case study.