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Analysing long-term interactions between demand response and different electricity markets using a stochastic market equilibrium model

Bertsch, Valentin and Devine, Mel (2019) Analysing long-term interactions between demand response and different electricity markets using a stochastic market equilibrium model. 30th European Conference on Operational Research, Jun. 2019, Dublin, Ireland.

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Abstract

Demand response (DR) as a source of flexibility is considered to become increasingly important in power systems based on renewable energy sources (RES), which are characterised by increasingly distributed, volatile and uncertain supply. We explore the impact of DR on generator investments and profits from different markets, on costs for different consumers from different markets, and on CO2 emissions under consideration of the uncertainties associated with the RES generation. We develop a novel stochastic mixed complementarity model in this paper that considers both operational and investment decisions, that considers interactions between an energy market, a capacity market and a feed-in premium and that takes into account the stochasticity of electricity generation by RES. We find that DR particularly increases renewable generator profits. While DR may reduce consumer costs from the energy market, these savings may be (over)compensated by increasing costs from the capacity market and the feed-in premium. This result highlights the importance of considering such interactions between different markets.

Item URL in elib:https://elib.dlr.de/128594/
Document Type:Conference or Workshop Item (Speech)
Title:Analysing long-term interactions between demand response and different electricity markets using a stochastic market equilibrium model
Authors:
AuthorsInstitution or Email of AuthorsAuthors ORCID iD
Bertsch, ValentinUNSPECIFIEDUNSPECIFIED
Devine, MelUNSPECIFIEDUNSPECIFIED
Date:2019
Refereed publication:No
Gold Open Access:No
In SCOPUS:No
In ISI Web of Science:No
Status:Published
Keywords:Analysing long-term interactions between demand response and different electricity markets using a stochastic market equilibrium model
Event Title:30th European Conference on Operational Research
Event Location:Dublin, Ireland
Event Type:international Conference
Event Dates:Jun. 2019
HGF - Research field:Energy
HGF - Program:Technology, Innovation and Society
HGF - Program Themes:Renewable Energy and Material Resources for Sustainable Futures - Integrating at Different Scales
DLR - Research area:Energy
DLR - Program:E SY - Energy Systems Analysis
DLR - Research theme (Project):E - Systems Analysis and Technology Assessment
Location: Stuttgart
Institutes and Institutions:Institute of Engineering Thermodynamics > Energy Systems Analysis
Deposited By: Borovleva, Tatiana
Deposited On:25 Jul 2019 17:37
Last Modified:25 Jul 2019 17:37

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