Is a multi-markets biding strategy decision model based on a grid-side battery energy storage system?

Abstract: A multi-markets biding strategy decision model with grid-side battery energy storage system (BESS) as an independent market operator is proposed in this paper.

Does a Markovian based bidding model determine the optimised bidding strategy?

Therefore, this paper proposes a novel Markovian based bidding model that decides the optimised bidding strategy of the BESS in day-ahead energy and regulation markets, considering the charging/discharging losses and the ageing cost of the BESS.

What is the bidding strategy of ESS based on energy and FRP price signals?

The bidding strategy of ESS based on energy and FRP price signals in order to maximise its profitability is described in Section 4. The case study and numerical results are investigated in Section 5 and eventually, the concluding remarks are presented in Section 6.

What is the proposed bidding strategy?

The proposed bidding strategy considers both energy market and regulation market, which shows flexibility to the uncertain bidding environments. The proposed algorithm is an individual profit maximisation bidding strategy, which can help the BESS owner optimise its bidding strategy to obtain highest bidding revenue without rivals information.

How do generating units bid in dam & RTM?

The generating units submit energy bids in DAM and RTM based on their power-cost functions. The original model was quadratic which was linearised with five steps. The piece-wise linear power-cost function was used as their bid in DAM and RTM. For wind generators, it is assumed that their bidding price is 0, i.e. they sell with any market price.

What is the optimal bidding strategy for ESSs in the FRP market?

This study introduces a stochastic optimisation framework for participation of ESSs in the FRP market. The proposed model formulates the optimal bidding strategy of ESSs considering the real-time energy, flexible ramp-up and ramp-down marginal price signals and the associated uncertainties.