Research on the Multi-Market Decisions of Electricity Retailers Under Renewable Portfolio Standards

doi:10.12204/j.issn.1000-7229.2023.07.001

Abstract

Abstract:

With the implementation of renewable energy quota systems, electricity-selling companies are obligated to consume renewable energy. To study the impact of renewable energy quota systems on the revenue of electricity companies, the market transaction framework and model of electricity companies under such quota systems were analyzed, and a multi-market portfolio transaction model was established. The electricity-selling company considered in the model had different market power purchase costs, flexible contract costs, and electricity-selling incomes. Moreover, it used the method of multiple scenarios for renewable energy power-generation unit output, centralized price bidding in uncertain factors such as market clearing price per month, and the method of conditional value at risk, the relevant risk measurement uncertainty. The model was designed to maximize the profit of the electricity sales company and minimize the market transaction risk. GAMS software was used to solve the model. A simulation analysis of the risk avoidance coefficient, renewable energy unit output uncertainty, renewable energy quota ratio, and other factors affecting the revenue of electricity companies verified the effectiveness of the model, providing theoretical guidance for electricity companies to better participate in market competition under quota systems.

Key words: electricity retailer, renewable portfolio standards, risk measurement, portfolio-trading strategy

CLC Number:

TM76
F407.6

WU Ling, LIU Hao, LIU Qiuhua, ZHENG Yaxian. Research on the Multi-Market Decisions of Electricity Retailers Under Renewable Portfolio Standards[J]. ELECTRIC POWER CONSTRUCTION, 2023, 44(7): 1-10.

Figures/Tables 17

Fig.1 Market transaction framework of electricity companies under quota system

Fig.2 User flexible load response form

Fig.3 User flexible load response capability curve

Fig.4 User side load demand

Fig.5 Electricity purchased in each market under different risk aversion coefficients of electricity selling companies

Fig.6 Expected returns and risk losses of electricity sales companies under different risk aversion coefficients

Fig.7 Purchase quantity of wind power and green certificates of electricity sales companies under the uncertainty of output of different wind turbines

Fig.8 Expected revenue of electricity sales of electricity selling companies under different wind turbine output uncertainties

Fig.9 Electricity purchased in each market under different quota ratios

Fig.10 Expected profit and risk loss of electricity selling company

Fig.A1 Collection of monthly clearing prices in various scenarios of centralized bidding market

Table A1 The probability of occurrence of each scenario in the centralized bidding market

Fig.A2 Output set of each scenario of unit wind turbine under 15% uncertainty

Fig.A3 Output set of each scenario of unit wind turbine under 20% uncertainty

Fig.A4 Output set of each scenario of unit wind turbine under 25% uncertainty

Table A2 Scenario probability of output uncertainty of different units of wind turbines

Table A3 Price and probability of each scenario of wind power green certificate

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