Work

Optimizing Virtual Energy Hub’s for Enhanced Market Participation and Operational Resilience

Year: 2024

Type: article

Abstract: In this study, the IEEE 14-bus test system is employed to evaluate the proposed energy management strategy for Virtual Energy Hubs (VEHs). The results demonstrate significant cost reductions with the integration of the interactive Energy Market Management (EMM) system. In the baseline scenario, operating costs were reduced by 10.01% when the EMM was introduced, and further reduced by 13.11% with the addition of direct load control programs. The most significant cost reduction of 56.39% was achieved in scenarios incorporating both EMM and ancillary service demand response programs. Additionally, the use of direct load control programs alone resulted in a 6.02% reduction in operating costs, while ancillary service demand response programs contributed an additional 2.29% cost savings. These findings underscore the substantial potential for cost reduction and efficiency improvements through advanced energy management strategies.

Source: Eksploatacja i Niezawodnosc - Maintenance and Reliability

DOI: 10.17531/ein/193171

Authors: Jie Yu, Sipeng Hao, Junkang Han

Institutions: Southeast University, Nanjing Institute of Technology

Language: English

Topic: Smart Grid Energy Management

Subfield: Electrical and Electronic Engineering

Field: Engineering

Domain: Physical Sciences

SDGs: Affordable and clean energy, Industry, innovation and infrastructure

Open Access status: gold

Estimated APC paid: $442