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• W2999485003 abstract "Intermittent renewable energy generation, which is determined by weather conditions, is increasing in power markets. The efficient integration of these energy sources calls for flexible participants in smart power grids. It has been acknowledged that a large, underutilized, flexible resource lies on the consumer side of electricity generation. Despite the recently increasing interest in demand flexibility, there is a gap in the literature concerning the incentives for consumers to offer their flexible energy to power markets. In this paper, we examine a virtual power plant concept, which simultaneously optimizes the response of controllable electric hot water heaters to solar power forecast error imbalances. Uncertainty is included in the optimization in terms of solar power day-ahead forecast errors and balancing power market conditions. We show that including solar power imbalance minimization in the target function changes the optimal hot water heating profile such that more electricity is used during the daytime. The virtual power plant operation decreases solar power imbalances by 5–10% and benefits the participating households by 4.0–7.5 € in extra savings annually. The results of this study indicate that with the number of participating households, while total profits increase, marginal revenues decrease." @default.
• W2999485003 created "2020-01-23" @default.
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• W2999485003 date "2020-04-01" @default.
• W2999485003 modified "2023-10-12" @default.
• W2999485003 title "Utilizing the flexibility of distributed thermal storage in solar power forecast error cost minimization" @default.
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• W2999485003 doi "https://doi.org/10.1016/j.est.2020.101202" @default.
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