A stochastic programming approach for the optimal management of aggregated distributed energy resources

Abstract The paper focuses on the optimal management of distributed energy resources aggregated within a coalition. The problem is analyzed from the viewpoint of an aggregator, seen as an entity called to optimize the available resources so to satisfy the aggregated demand by eventually trading in the Day-Ahead Electricity Market. Both a full and a residual perspective in the management of the integrated resources is investigated and compared. The inherent uncertainty affecting the optimal decision problem, mainly related to the demand profile, electricity prices and production from renewable sources, is dealt by adopting the two-stage stochastic programming paradigm. The proposed models (different for the full and residual case) present a bi-objective function, integrating the expected profit and a risk measure, the Conditional Value at Risk, to control undesirable effects caused by the random variations of the uncertain parameters. A broad numerical study has been carried out on real case study. The analysis of the results clearly shows the benefits deriving from the stochastic optimization approach and the effect of considering different levels of risk aversion.

• Publication year

  2017

• Venue

  Computers & Operations Research

• Publication date

  2017-12-01

• Fields of study

  Computer Science, Engineering, Environmental Science, Economics

• Identifiers
  DOI 10.1016/j.cor.2017.12.018
• External record

  Open on Semantic Scholar

• Source metadata

  Semantic Scholar

• No claims are published for this paper.

• No concepts are published for this paper.

• The optimal energy procurement problem: a stochastic programming approach

  2017cited by this paper
• The optimal electric energy procurement problem under reliability constraints

  2017cited by this paper
• Optimization and Decision Science: Methodologies and Applications

  2017cited by this paper
• Optimal planning and operation of aggregated distributed energy resources with market participation

  2016cited by this paper
• Risk-based integrated production scheduling and electricity procurement for continuous power-intensive processes

  2016cited by this paper
• Prosumer bidding and scheduling in electricity markets

  2016cited by this paper
• Optimizing distributed generation parameters through economic feasibility assessment

  2016cited by this paper
• A literature review of Microgrids: A functional layer based classification

  2016cited by this paper
• The design of a risk-hedging tool for virtual power plants via robust optimization approach

  2015cited by this paper
• Risk-Constrained Profit Maximization for Microgrid Aggregators With Demand Response

  2015cited by this paper
• A rolling horizon optimization framework for the simultaneous energy supply and demand planning in microgrids

  2015cited by this paper
• Farkas’ lemma: three decades of generalizations for mathematical optimization

  2014cited by this paper
• Management of storage systems in local electricity market to avoid renewable power curtailment in distribution network

  2014cited by this paper
• Integrated scheduling of renewable generation and electric vehicles parking lot in a smart microgrid

  2014cited by this paper
• An integrated framework of agent-based modelling and robust optimization for microgrid energy management

  2014cited by this paper
• In the future Smart Cities: Coordination of micro Smart Grids in a Virtual Energy District

  2014cited by this paper
• A clustering approach for scenario tree reduction: an application to a stochastic programming portfolio optimization problem

  2013cited by this paper
• Virtual power plant mid-term dispatch optimization

  2013cited by this paper
• Evaluations of Risk Measures for Different Probability Measures

  2013cited by this paper
• Offering model for a virtual power plant based on stochastic programming

  2013cited by this paper
• Risk-averse two-stage stochastic programming with an application to disaster management

  2012cited by this paper
• Short-term electricity procurement: A rolling horizon stochastic programming approach

  2011cited by this paper
• A stochastic programming model for the thermal optimal day-ahead bid problem with physical futures contracts

  2011cited by this paper
• A multistage formulation for generation companies in a multi-auction electricity market

  2010cited by this paper
• Short-term forecasting of day-ahead electricity market price

  2010cited by this paper
• Generating scenario trees: A parallel integrated simulation-optimization approach

  2010cited by this paper
• Multi-market energy procurement for a large consumer using a risk-aversion procedure

  2010cited by this paper
• A two-stage stochastic programming model for electric energy producers

  2008cited by this paper
• Technical, economical and regulatory aspects of Virtual Power Plants

  2008cited by this paper
• Stochastic programming for optimizing bidding strategies of a Nordic hydropower producer

  2007cited by this paper
• Evaluation of scenario-generation methods for stochastic programming

  2007cited by this paper
• Constrained auction clearing in the Italian electricity market

  2004cited by this paper
• Scenario Reduction Algorithms in Stochastic Programming

  2003cited by this paper
• Scenarios for Multistage Stochastic Programs

  2000cited by this paper
• Optimization of conditional value-at risk

  2000cited by this paper
• Coherent Measures of Risk

  1999cited by this paper
• The integer L-shaped method for stochastic integer programs with complete recourse

  1993cited by this paper

• Providing ancillary services by aggregated distributed energy resources of active distribution systems for the upstream grid: A critical review

  2026cites this paper
• Stochastic optimisation model to optimise the contractual generation capacity of a battery-integrated distributed energy resource in a balancing services contract

  2025cites this paper
• Multi-energy microgrid expansion planning with reliability consideration based on deep reinforcement learning

  2025cites this paper
• A Data-Driven Stochastic Optimization Model for Energy Conservation of Industrial Air Conditioning Systems

  2025cites this paper
• Risk-aware microgrid operation and participation in the day-ahead electricity market

  2024cites this paper
• On the Added Value of State-of-the-Art Probabilistic Forecasting Methods Applied to the Optimal Scheduling of a PV Power Plant with Batteries

  2023cites this paper
• MDPI Sustainability: Special Issue: “Women’s Special Issue Series: Sustainable Energy”

  2022cites this paper
• Robust Energy Resource Management Incorporating Risk Analysis Using Conditional Value-at-Risk

  2022cites this paper
• A two-stage optimal scheduling model of integrated energy system based on CVaR theory implementing integrated demand response

  2022cites this paper
• Dealing with the stochastic prosumager problem with controllable loads

  2022cites this paper
• Preliminary results of advanced heuristic optimization in the risk-based energy scheduling competition

  2022cites this paper
• A bi-level model for the design of dynamic electricity tariffs with demand-side flexibility

  2022cites this paper
• Operations Research Helps the Optimal Bidding of Virtual Power Plants

  2022cites this paper
• Powering agriculture: Present status, future potential, and challenges of renewable energy applications

  2022cites this paper
• Applications of Probabilistic Forecasting in Smart Grids: A Review

  2022cites this paper
• Certainty through uncertainty: stochastic optimization of grid-integrated large-scale energy storage in Germany

  2021cites this paper
• Risk-averse bi-level stochastic network interdiction model for cyber-security risk management

  2021cites this paper
• Assessing the Impact of Electric Vehicle Fleets on a Multi-Microgrids System Under Different Operating Modes

  2021cites this paper
• Optimizing trading decisions of wind power plants with hybrid energy storage systems using backwards approximate dynamic programming

  2021cites this paper
• Chance constrained unit commitment approximation under stochastic wind energy

  2021cites this paper
• An integrated decision approach for energy procurement and tariff definition for prosumers aggregations

  2020cites this paper
• Stochastic-based energy management of DC microgrids

  2020cites this paper
• Development of a Stochastic Optimization Model and Long-Term Forecasting for Electricity Generation Planning Under Uncertainty

  2020cites this paper
• An interval joint-probabilistic stochastic flexible programming method for planning municipal-scale energy-water nexus system under uncertainty

  2020cites this paper
• Stochastic real-time operation control of a combined heat and power (CHP) system under uncertainty

  2020cites this paper
• Balancing the demand and supply of a power grid system via reliability modeling and maintenance optimization

  2020cites this paper
• The participation of a renewable energy-based aggregator in real-time market: A Bi-level approach

  2020cites this paper
• The insurance effect of renewable distributed energy resources against uncertain electricity price developments

  2020cites this paper
• Interval Optimization-Based Optimal Design of Distributed Energy Resource Systems under Uncertainties

  2020cites this paper
• Energy system optimization under uncertainties: A comprehensive review

  2020cites this paper
• Optimal Design of Distributed Energy Resource Systems under Uncertainties Based on Two-Stage Robust Optimization

  2020cites this paper
• Optimal Design of Distributed Energy Resource Systems under Uncertainties Based on Two-Stage Robust Optimization

  2020cites this paper
• Dealing with the Stochastic Home Energy Management Problem

  2019cites this paper
• An Energy Community Implementation: The Unical Energy Cloud

  2019cites this paper
• A Firefly Algorithm-Based Approach for Identifying Coalitions of Energy Providers that Best Satisfy the Energy Demand

  2019cites this paper
• Conditional value‐at‐risk beyond finance: a survey

  2019cites this paper
• Convex approximations for two-stage mixed-integer mean-risk recourse models with conditional value-at-risk

  2019cites this paper
• Optimal design and cost allocation of a distributed energy resource (DER) system with district energy networks: A case study of an isolated island in the South China Sea

  2019cites this paper
• Development of an interval-credibility-chance constrained energy-water nexus system planning model—a case study of Xiamen, China

  2019cites this paper
• The Optimal Tariff Definition Problem for a Prosumers’ Aggregation

  2018cites this paper
• Stochastic-Based Energy Procurement

  2018cites this paper
• Energy Procurement via Hybrid Robust-Stochastic Approach

  2018cites this paper
• A review of urban energy systems at building cluster level incorporating renewable-energy-source (RES) envelope solutions

  2018cites this paper
• A fast heuristic for routing in post-disaster humanitarian relief logistics

  2018cites this paper
• The optimal electric energy procurement problem under reliability constraints

  2017cites this paper
• A probabilistically constrained approach for the energy procurement problem

  2017cites this paper