Redesign electricity market for the next generation power system of renewable energy and distributed storage technologies

Donghan Feng; Zhao Xu; Jacob Østergaard

doi:10.1109/PES.2010.5588136

Redesign electricity market for the next generation power system of renewable energy and distributed storage technologies

Donghan Feng, Zhao Xu, Jacob Østergaard

Research output: Chapter in book / Conference proceeding › Conference article published in proceeding or book › Academic research › peer-review

5 Citations (Scopus)

Abstract

This paper proposes a stochastic time-series based method to simulate the volatility of intermittent renewable generation and distributed storage devices along timeline. The proposed method can calculate the optimal timeline for different electricity markets and power systems. In practice, the proposed method is potentially useful for designing market rules and evaluating different design options. Following works is underway on application and simulation of proposed method using the realistic distribution system of Bornholm Island in Denmark.

Original language	English
Title of host publication	IEEE PES General Meeting, PES 2010
DOIs	https://doi.org/10.1109/PES.2010.5588136
Publication status	Published - 6 Dec 2010
Externally published	Yes
Event	IEEE PES General Meeting, PES 2010 - Minneapolis, MN, United States Duration: 25 Jul 2010 → 29 Jul 2010

Conference

Conference	IEEE PES General Meeting, PES 2010
Country/Territory	United States
City	Minneapolis, MN
Period	25/07/10 → 29/07/10

Keywords

Distributed storage
Electric vehicle
Electricity market
Market design
Monte-Carlo simulation
Power system
Regulating power
Renewable energy
Time-series analysis
Vehicle to grid

ASJC Scopus subject areas

Energy Engineering and Power Technology

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

More information

10.1109/PES.2010.5588136

Cite this

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title = "Redesign electricity market for the next generation power system of renewable energy and distributed storage technologies",

abstract = "This paper proposes a stochastic time-series based method to simulate the volatility of intermittent renewable generation and distributed storage devices along timeline. The proposed method can calculate the optimal timeline for different electricity markets and power systems. In practice, the proposed method is potentially useful for designing market rules and evaluating different design options. Following works is underway on application and simulation of proposed method using the realistic distribution system of Bornholm Island in Denmark.",

keywords = "Distributed storage, Electric vehicle, Electricity market, Market design, Monte-Carlo simulation, Power system, Regulating power, Renewable energy, Time-series analysis, Vehicle to grid",

author = "Donghan Feng and Zhao Xu and Jacob {\O}stergaard",

year = "2010",

month = dec,

day = "6",

doi = "10.1109/PES.2010.5588136",

language = "English",

isbn = "9781424483570",

booktitle = "IEEE PES General Meeting, PES 2010",

note = "IEEE PES General Meeting, PES 2010 ; Conference date: 25-07-2010 Through 29-07-2010",

}

TY - GEN

T1 - Redesign electricity market for the next generation power system of renewable energy and distributed storage technologies

AU - Feng, Donghan

AU - Xu, Zhao

AU - Østergaard, Jacob

PY - 2010/12/6

Y1 - 2010/12/6

N2 - This paper proposes a stochastic time-series based method to simulate the volatility of intermittent renewable generation and distributed storage devices along timeline. The proposed method can calculate the optimal timeline for different electricity markets and power systems. In practice, the proposed method is potentially useful for designing market rules and evaluating different design options. Following works is underway on application and simulation of proposed method using the realistic distribution system of Bornholm Island in Denmark.

AB - This paper proposes a stochastic time-series based method to simulate the volatility of intermittent renewable generation and distributed storage devices along timeline. The proposed method can calculate the optimal timeline for different electricity markets and power systems. In practice, the proposed method is potentially useful for designing market rules and evaluating different design options. Following works is underway on application and simulation of proposed method using the realistic distribution system of Bornholm Island in Denmark.

KW - Distributed storage

KW - Electric vehicle

KW - Electricity market

KW - Market design

KW - Monte-Carlo simulation

KW - Power system

KW - Regulating power

KW - Renewable energy

KW - Time-series analysis

KW - Vehicle to grid

UR - http://www.scopus.com/inward/record.url?scp=78649586230&partnerID=8YFLogxK

U2 - 10.1109/PES.2010.5588136

DO - 10.1109/PES.2010.5588136

M3 - Conference article published in proceeding or book

SN - 9781424483570

BT - IEEE PES General Meeting, PES 2010

T2 - IEEE PES General Meeting, PES 2010

Y2 - 25 July 2010 through 29 July 2010

ER -

Redesign electricity market for the next generation power system of renewable energy and distributed storage technologies

Abstract

Conference

Keywords

ASJC Scopus subject areas

UN SDGs

More information

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Cite this