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Bo, Rui

Publications and source records attributed to Bo, Rui.

22 records · Page 2
All sourcesNASA NTRSDOE OSTI
DOE OSTI2021

Secured Reserve Scheduling of Pumped-Storage Hydropower Plants in ISO Day-ahead Market

Due to the fast response ability and high ramping rates, pumped-storage hydropower (PSH) plants are playing an increasingly critical role in mitigating power generation fluctuations induced by the growing proliferation of renewable energy resources. However, because they are energy-limited resources, actual reserve deployment from PSHs would cause the deviation of state-of-charge (SOC) from the scheduled value, which, once accumulated over time, could induce potential violations on SOC limits and cause non-dispatchability of PSHs. In recognizing this potential issue, it can become important to securing the reserve schedule of PSHs and other energy limited resources preventively in the day-ahead market clearing. To ensure reserve dispatchability of PSHs despite SOC deviations, this paper proposes the reserve secure constraints, which are cast as a distributionally robust chance-constrained formulation by judiciously introducing random parameters to describe deployment ratios of scheduled regulation reserve from PSHs. Furthermore, these constraints are converted into tractable second-order cone constraints, and further approximated as linear constraints to be compatible with the current ISO day-ahead market clearing model. A modified IEEE 118-bus system with multiple PSHs is adopted to verify the proposed approach.

13 HYDRO ENERGY↗
DOE OSTI2021

Optimal scheduling for profit maximization of energy storage merchants considering market impact based on dynamic programming

This paper analyzes how electricity merchants' market impact affects merchants' profit. Energy storage has long been studied for its role in maximizing profit, and merchant decisions are assumed to have no impact on market prices. However, the trading decisions of large-scale energy storage merchants (e.g., pumped storage hydro) will affect the market prices. This paper employs dynamic programming theory to investigate merchants' optimal economic dispatch considering the market impact and physical characteristics of storage systems. Our findings show that the State-of-Charge (SOC) based analytical solution significantly facilitates energy storage merchants' decision-making. The SOC range is segmented into three regions by two optimal SOC reference points, which depend on the available energy in storage, given prices, and market impact. By comparing the current storage SOC with the reference points, the merchant can get the corresponding optimal actions. We analytically show that if the merchant neglects the market impact on the power market, she will exaggerate her expected profit when the price-taker and price-maker merchants have the same generating and pumping upper limits offered to Independent System Operators (ISOs). Furthermore, the profit-maximizing merchant must, therefore, assay to balance the trade-off correctly between the intensity of market impact and the dispatched power. Our findings are verified by numerical simulation, and results demonstrate the ramifications for electricity merchants in energy arbitrage decisions.

25 ENERGY STORAGE↗
DOE OSTI2020

Cross-Market Price Difference Forecast Using Deep Learning for Electricity Markets

Price forecasting is in the center of decision making in electricity markets. Many researches have been done in forecasting energy prices while little research has been reported on forecasting price difference between day-ahead and realtime markets due to its high volatility, which however plays a critical role in virtual trading. To this end, this paper takes the first attempt to employ novel deep learning architecture with Bidirectional Long-Short Term Memory (LSTM) units to forecast the price difference between day-ahead and real-time markets for the same node. The raw data is collected from PJM market, processed and fed into the proposed network. The Root Mean Squared Error (RMSE) and customized performance metric are used to evaluate the performance of the proposed method. Case studies show that it outperforms the traditional statistical models like ARIMA, and machine learning models like XGBoost and SVR methods in both RMSE and the capability of forecasting the sign of price difference. Additionally, to cross-market price difference forecast, the proposed approach has the potential to be applied to solve other forecasting problems such as price spread forecast in DA market for Financial Transmission Right (FTR) trading purpose.

DA/RT price difference↗