[LDES-technology] LDES seminar on Electricity Markets

[Sarah Kurtz]

Here’s a quick reminder of the webinar later this morning with full call in information at the bottom.  I look forward to seeing you soon.

From: skurtz at ucmerced.edu
When: 9:00 AM - 10:00 AM October 27, 2023
Subject: LDES seminar on Electricity Markets
Location: https://ucmerced.zoom.us/j/4364884550


You are invited to join a seminar by Dr. Rajni Bansal of UC San Diego.  PLEASE NOTE: This will be two weeks after the seminar by RedFlow, which will be Oct. 13


Title:   Efficiency and Market Power in Electricity Markets with Inelastic Demand, Energy Storage, and Hybrid Energy Resources



Abstract:

We focus on the electricity market and examine how the competition between different resources, such as traditional generators, energy storage, and hybrid resources, affects market efficiency. We first consider the participation of conventional resources in a two-stage market, i.e., day-ahead and real-time settlement. Although designed to allocate resources efficiently, price manipulation by strategic participants can undermine these goals. To address price manipulation, some markets have proposed system-level market power mitigation policies, which substitute noncompetitive bids with default bids based on estimated generation costs. Using equilibrium analysis, we illustrate that such a policy in the day-ahead stage is more robust to price manipulations than in real-time, which may lead to non-equilibrium solutions.



We then study emerging technologies and analyze how their integration affects market efficiency. We first analyze the participation of energy storage. Our analysis indicates that the existing participation mechanism, where storage bids power in a market, may diminish market benefits due to its unique operational characteristics, e.g., the operating cost depends on charge-discharge cycles, unlike conventional generators. We propose a novel market mechanism based on an energy

cycling function that maps cycle depth to per-cycle prices. We next study the participation of hybrid resources combining energy storage and renewable energy sources. We benchmark the performance of two types of market models: a granular model and an integrated model. Our analysis shows that granular models lead to lower operating costs but add computational complexity, which may not be desirable from the operator’s perspective. Though less computationally intensive, integrated models result in more intervals violating the physical limits of constituent energy storage.



Author Bio:



Rajni Kant Bansal works as a Postdoctoral Researcher at the Center for Energy Research in the University of California San Diego. He has a Ph.D. in Mechanical Engineering, and an M.S.E in Applied Mathematics and Statistics from Johns Hopkins University. During his studies at JHU, he also worked alongside the Grid Operations and Planning team at the Electric Power Research Institute. Apart from this, he completed his B.Tech. in Mechanical Engineering from the Indian Institute of Technology Kanpur and has prior experience as a financial analyst at Credit Suisse Investment Bank.

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Meeting ID:  436 488 4550

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