Energy storage charging pile bidding

What is the proposed bidding strategy?

The proposed bidding strategy considers both energy market and regulation market, which shows flexibility to the uncertain bidding environments. The proposed algorithm is an individual profit maximisation bidding strategy, which can help the BESS owner optimise its bidding strategy to obtain highest bidding revenue without rivals information.

What is battery energy storage system (BESS)?

Battery Energy Storage System (Battery Energy Storage System (BESS)) gets the opportunity to play an important role in the future smart grid. With the rapid development of battery technology, the BESS can bring more benefits for the owners and the cost of BESS construction is gradually reduced , , .

Could the Bess bidding problem be a more accurate and profitable bidding strategy?

Based on the proposed model, the BESS could obtain a more accurate and profitable bidding strategy. 1. The BESS bidding problem is modelled as an MDP framework for learning the optimised bidding policy to increase the welfare of BESS in energy and regulation markets.

What does t mean in electricity bidding?

The subscript ” t ” is the index of the hours in each day, since the bidding strategy is day-ahead with hourly bids in the wholesale electricity market.

How to calculate energy loss during charging/discharging process?

We assume that there is no energy loss during the charging/discharging process. The SoC of the BESS can be calculated as: (32) s o c t = s o c t − 1 + Δ s o c t where Δ s o c t indicates the amount of energy change between time t − 1 and t, which is usually expressed in percentage (%).

How to solve optimal bidding problem in a stochastic environment?

Problem reformulation Aiming at the stochastic environment of power market, the optimal bidding problem in an stochastic environment is reformulated based on equation (1), which includes the state space S, action space A, transition probability function P, reward function R and discount factor γ in detail.