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A Hybrid Robust Stochastic Approach to Evaluate the Profit of a Multi-Energy Retailer in Tri-Layer Energy Markets

Zare Oskouei, Morteza, Mirzaei, Mohammed Amin, Mohammadi-Ivatloo, Behnam, Shafiee, Mahmood, Marzband, Mousa, Anvari-Moghaddam, Amjad (2020) A Hybrid Robust Stochastic Approach to Evaluate the Profit of a Multi-Energy Retailer in Tri-Layer Energy Markets. Energy, 214 . Article Number 118948. ISSN 0360-5442. (doi:10.1016/ (KAR id:83678)

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Nowadays, multi-energy consumers in the industrial sector have a significant contribution in exchange of different forms of energy such as electricity, heat, and natural gas. So, multi-energy consumers can provide excellent opportunities for market players to trade power in various energy markets. In this paper, a new entity called multi-energy retailer is introduced to simultaneously meet both flexible and non-flexible electrical, gas, and heat demands of multi-energy consumers, with a high level of supply reliability. The multi-energy retailer is equipped with cogeneration facilities and various storage technologies such as power-to-x storages to exploit the actual arbitrage opportunities in different layers of energy markets. The presented structure successfully models the behavior of multi-energy retailer entity and seeks to maximize its profit as well as increase the welfare level of the multi-energy consumers. The uncertainties associated with electricity market price and various demands of multi-energy consumers can affect the profit and optimal day-ahead scheduling of the multi-energy retailer. In order to accurately model such uncertainties, a hybrid robust-stochastic approach is utilized in this study. This approach helps the multi-energy retailer’s operator to evaluate the worst-case of the scheduling process for the entity. Finally, the profit of the multi-energy retailer entity is estimated in the presence of conversion facilities, demand response programs, and various uncertainties based on actual energy market data.

Item Type: Article
DOI/Identification number: 10.1016/
Uncontrolled keywords: Energy markets, Energy storage systems, Multi-energy consumers (MEC), Multi-energy retailer (MER), Robust-stochastic model
Subjects: T Technology > TA Engineering (General). Civil engineering (General) > TA165 Engineering instruments, meters etc. Industrial instrumentation
T Technology > TA Engineering (General). Civil engineering (General) > TA401 Materials engineering and construction
T Technology > TJ Mechanical engineering and machinery
Divisions: Divisions > Division of Computing, Engineering and Mathematical Sciences > School of Engineering and Digital Arts
Depositing User: Mahmood Shafiee
Date Deposited: 24 Oct 2020 14:47 UTC
Last Modified: 01 Oct 2021 23:00 UTC
Resource URI: (The current URI for this page, for reference purposes)
Shafiee, Mahmood:
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