To ensure the flexible operations of the power system, it is necessary to explore the potential flexibility regulation capacity and further promote the accommodation of the renewable energy. Under this context, a joint bidding strategy for battery energy storage in the regulation and energy electricity market is proposed in this paper.
In the bidding stage, the owner from the private sector needs to collect information about active and reactive power prices in any DAM and RTM period by adopting a risk-aversive and profit-based approach.
The BESS biding/offering method can be described as follows: The profit of BESS s connected to bus i for active and reactive power exchange is indicated by the objective function of profits, i as given in Eq. (59). It consists of four chunks: the total costs of exchange active power in DAM and RTM as well as exchange reactive power in DAM and RTM.
Moreover, the BOMINH solver is implemented to solve the robust BESS bidding/offering model. In this paper, it is assumed that the reactive power cost of BESS is paid based on the average reactive power price of DAM as indicated in Eq. (73).