Decentralized Bidding Strategy in Electricity Trading Platform

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Name of the Speaker: Ampolu Maneesha (EE18D020)
Guide: Dr. K.Shanti Swarup
Venue/Online meeting link: ESB-244 (Seminar Hall)
Date/Time: 13th December 2022, 3.00 pm

Electric Market Energy Trading is gaining more importance now-a-days due to the transformation from vertically integrated to horizontally restructured power systems. This feature enables the participation of renewables to participate in Electric Markets. A ‘Bidding Strategy and Trading Platform’ for renewables will be presented in this talk.

Strategic Bidding is an important task which is much needed for Wind Power Plants(WPP) so as to reduce imbalances between accepted bids and actual output. However, these imbalances do not allow the WPP to participate in Electric Markets due to the penalty for bid deviation. A joint Double Auction Bidding Strategy is proposed and developed for the WPP to coordinate the Pumped Storage Hydro Plant (PSHP) and Demand Response (DR) to reduce the WPP actual output imbalances. A convex Strategic Bidding Model is formulated for WPP, PSP, and DR in both day-ahead energy and ancillary service markets by considering Upward Spinning Reserve (UPSR) and Downward Spinning reserve (DWSR) respectively. In addition, fixed, shift-able, curtailable, and incremental loads are considered.

Recent advancements in Digitization, Automation, and Integration of renewables at the distribution level are the main impetuses that cultivate prosumers' interest in participating in the Peer-To-Peer (P2P) Electricity Trading Platform (ETP). The Distributed System Operator (DSO) at the Electricity Trading Platform (ETP) is usually not involved in validating energy or monetary transactions. In this context, a novel Electricity Trading Framework (ETF) is proposed and implemented using block-chain distributed ledger system. This trading framework eliminates the need for a Central Aggregator (CA) or DSO in the P2P trading process. Smart contracts have been used for collecting bids/offers and monetary settlements. The final work broadly involves integration of optimization, smart contracts, and monetary settlement layers.