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Optimal Day-Ahead Bidding of a Risk-Averse Pulp and Paper Mill in the Energy and Reserve Market
KTH, School of Electrical Engineering and Computer Science (EECS), Electric Power and Energy Systems. (IRES)ORCID iD: 0000-0003-0685-0199
KTH, School of Electrical Engineering and Computer Science (EECS), Electric Power and Energy Systems.
KTH, School of Electrical Engineering and Computer Science (EECS), Electric Power and Energy Systems.ORCID iD: 0000-0002-4210-8672
2019 (English)In: / [ed] IEEE, Ljubljana, 2019, p. 1-5Conference paper, Published paper (Refereed)
Abstract [en]

Due to increased use of variable renewable energy sources, more capacity for reserves is required. Non-generating resources such as large industrial consumers can arbitrage energy prices and provide reserve capacity by exploiting the inherent flexibility in selected industrial processes. A large enough industrial consumer can capitalize on this flexibility through optimized bidding in electricity markets. In this work, the day-ahead cost minimization of a risk-averse pulp and paper mill (PPM) is formulated as a two-stage stochastic problem, considering thermodynamic and electrical constraints of the PPM. The bids in the energy and reserve markets are optimized subject to price uncertainty. The results of a case study in Sweden display a significant economic benefit in exploiting the flexibility of PPM. The expected cost of the pulp and paper mill resulting from different strategies are compared and the risk adversity of the PPM is investigated. We show that reserve offers can significantly improve the profitability of the PPM.

Place, publisher, year, edition, pages
Ljubljana, 2019. p. 1-5
Keywords [en]
demand side management, electricity markets, frequency containment reserve, industrial demand response
National Category
Electrical Engineering, Electronic Engineering, Information Engineering
Research subject
Electrical Engineering
Identifiers
URN: urn:nbn:se:kth:diva-259643OAI: oai:DiVA.org:kth-259643DiVA, id: diva2:1352725
Conference
16th International Conference on European Energy Market (EEM)
Funder
Swedish Energy Agency, 71768
Note

QC 20191001

Available from: 2019-09-19 Created: 2019-09-19 Last updated: 2019-10-01Bibliographically approved

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Citation style
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Output format
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