Optimal power bidding of overseas PV plants in Singapore wholesale electricity market

Author:

Xu Yan1ORCID

Affiliation:

1. School of Electrical and Electronic Engineering Nanyang Technological University Singapore Singapore

Abstract

AbstractSingapore's power sector has set targets of net‐zero emissions by 2050. Given the limited land space of the country, a key strategy to decarbonize the power grid is to import clean power from renewable energy resources such as photovoltaic (PV) plants installed at overseas locations. The present electricity market rules require such overseas PV plants to maintain constant power generation during each bidding period. To meet such requirements, energy storage systems (ESSs) are to be deployed in the PV plants to compensate for the PV power fluctuation. This paper proposes an optimal power bidding approach for maximizing the profit of the PV plant participating in the Singapore wholesale electricity market. The problem is formulated as a stochastic programming model, which takes the short‐term PV power forecasting as the input, maximizes the expected profit considering the PV power selling revenue and the penalty cost for power shortfall during each bidding cycle (30 min), and satisfies constraints of the ESS. The proposed method can also be used for determining the optimal size of the ESS. Simulation results have verified the effectiveness of the proposed method.

Publisher

Institution of Engineering and Technology (IET)

Reference12 articles.

1. Energy 2050 Committee Report Energy Market Authority (EMA) of Singapore [On‐line]:https://www.ema.gov.sg/resources/industry‐reports/energy‐2050‐committee‐report. Accessed Dec 2023

2. EMA to Seek Proposals for Electricity Imports:https://www.ema.gov.sg/media_release.aspx?news_sid=20211024ouxMNg5jwnht. Accessed Dec 2023

3. Electricity Imports Guide – Version 1.1 Energy Market Authority (EMA) of Singapore 1 July 2022 [On‐line]:https://www.ema.gov.sg/our‐energy‐story/energy‐supply/regional‐power‐grids. Accessed Dec 2023

4. Sizing of Energy Storage for Microgrids

5. Optimal Whole-Life-Cycle Planning of Battery Energy Storage for Multi-Functional Services in Power Systems

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