Virtual Bids and Flexible Bids: Risk Mitigation and Congestion Relief

PI: 
Varaiya, Pravin
Project Status: 
Completed

This research is focused on two innovative bidding strategies in the day-ahead markets and the real-time market: virtual bids and flexible bids. This work builds on previous CERTS research, which focused on developing advances in: (a) Risk-limiting dispatch to balance the variability of renewable power with reserves of different types, purchased in a sequence of forward markets, so that the portfolio collectively behaves as reliably as dispatchable thermal generation; (b) coordinated distributed resources, which is a dual approach that uses the different kinds of flexibility inherent in demand to shape aggregate demand to match fluctuating supply; and (c) incentives.

Related Publications

Rajagopal, Ram, Eilyan Bitar, Pravin Varaiya, and Felix Wu. "Risk-limiting dispatch for integrating renewable power." International Journal of Electrical Power & Energy Systems 44.1 (2013) 615 - 628.
Dominguez-Garcia, Alejandro D, Stanton T Cady, and Christoforos N Hadjicostis. "Decentralized optimal dispatch of distributed energy resources." IEEE Annual Conference on Decision and Control (CDC). Maui, HI, USA: IEEE, 2012. 3688 - 3693.
Subramanian, Anand, J. A Taylor, Eilyan Bitar, Duncan S Callaway, Kameshwar Poolla, and Pravin Varaiya. "Optimal power and reserve capacity procurement policies with deferrable loads." 2012 IEEE 51st Annual Conference on Decision and Control (CDC). Maui, HI, USA: IEEE, 2012. 450 - 456.
Subramanian, Anand, Manuel J Garcia, Alejandro D Dominguez-Garcia, Duncan S Callaway, Kameshwar Poolla, and Pravin Varaiya. "Real-time scheduling of deferrable electric loads." 2012 American Control Conference (ACC). Montreal, QC: IEEE, 2012. 3643 - 3650.
Rajagopal, Ram, Eilyan Bitar, Felix Wu, and Pravin Varaiya. "Risk limiting dispatch of wind power." 2012 American Control Conference (ACC). Montreal, QC: IEEE, 2012. 4417 - 4422.
Bitar, Eilyan, Kameshwar Poolla, Pramod P Khargonekar, Ram Rajagopal, Pravin Varaiya, and Felix Wu. "Selling Random Wind." 2012 45th Hawaii International Conference on System Sciences (HICSS). Maui, HI, USA: IEEE, 2012. 1931 - 1937.

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