Transaction decision optimization of new electricity market based on virtual power plant participation and Stackelberg game

Abstract

This study intends to optimize the trading decision-making strategy of the new electricity market with virtual power plants and improve the transmission efficiency of electricity resources. The current problems in China’s power market are analyzed from the perspective of virtual power plants, highlighting the necessity of reforming the power industry. The generation scheduling strategy is optimized in light of the market transaction decision based on the elemental power contract to enhance the effective transfer of power resources in virtual power plants. Ultimately, value distribution is balanced through virtual power plants to maximize the economic benefits. After 4 hours of simulation, the experimental data shows that 75 MWh of electricity is generated by the thermal power system, 100 MWh by the wind power system, and 200 MWh by the dispatchable load system. Comparatively, the new electricity market transaction model based on the virtual power plant has an actual generation capacity of 250MWh. In addition, the daily load power of the models of thermal power generation, wind power generation, and virtual power plant reported here are compared and analyzed. For a 4-hour simulation run, the thermal power generation system can provide 600 MW of load power, the wind power generation system can provide 730 MW of load power, and the virtual power plant-based power generation system can provide up to 1200 MW of load power. Therefore, the power generation performance of the model reported here is better than other power models. This study can potentially encourage a revised transaction model for the power industry market.