A hybrid robust-stochastic approach to evaluate the profit of a multi-energy retailer in tri-layer energy markets

Oskouei, Morteza Zare, Mirzaei, Mohammad Amin, Mohammadi-Ivatloo, Behnam, Shafiee, Mahmood, Marzband, Mousa and Anvari-Moghaddam, Amjad (2021) A hybrid robust-stochastic approach to evaluate the profit of a multi-energy retailer in tri-layer energy markets. Energy, 214. p. 118948. ISSN 0360-5442

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Official URL: https://doi.org/10.1016/j.energy.2020.118948


Nowadays, multi-energy consumers in the industrial sector have a significant contribution in exchange of different forms of energy such as electricity, heat, and natural gas. So, multi-energy consumers can provide excellent opportunities for market players to trade power in various energy markets. In this paper, a new entity called multi-energy retailer is introduced to simultaneously meet both flexible and non-flexible electrical, gas, and heat demands of multi-energy consumers, with a high level of supply reliability. The multi-energy retailer is equipped with cogeneration facilities and various storage technologies such as power-to-x storages to exploit the actual arbitrage opportunities in different layers of energy markets. The presented structure successfully models the behavior of multi-energy retailer entity and seeks to maximize its profit as well as increase the welfare level of the multi-energy consumers. The uncertainties associated with electricity market price and various demands of multi-energy consumers can affect the profit and optimal day-ahead scheduling of the multi-energy retailer. In order to accurately model such uncertainties, a hybrid robust-stochastic approach is utilized in this study. This approach helps the multi-energy retailer’s operator to evaluate the worst-case of the scheduling process for the entity. Finally, the profit of the multi-energy retailer entity is estimated in the presence of conversion facilities, demand response programs, and various uncertainties based on actual energy market data.

Item Type: Article
Uncontrolled Keywords: Energy markets, energy storage systems, multi-energy consumers (MEC), multi-energy retailer (MER), robust-stochastic model
Subjects: H600 Electronic and Electrical Engineering
H800 Chemical, Process and Energy Engineering
Department: Faculties > Engineering and Environment > Mathematics, Physics and Electrical Engineering
Depositing User: Elena Carlaw
Date Deposited: 06 Oct 2020 14:47
Last Modified: 01 Oct 2021 03:30
URI: http://nrl.northumbria.ac.uk/id/eprint/44432

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