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Register a new userCo-optimization of Energy and Reserve with Incentives to Wind Generation: Case Study
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This case study presents an analysis and quantification of the impact of the lack of co-optimization of energy and reserve in the presence of high penetration of wind energy. The methodology is developed in a companion paper, Part I. Two models, with and without co-optimization are confronted. The modeling of reserve and the incentive to renewable as well as the calibration of the model are inspired by the Spanish market. A sensitivity analysis is performed on configurations that differ by generation capacity, ramping capability, and market parameters (available wind, Feed in Premium to wind, generators risk aversion, and reserve requirement). The models and the case study are purely illustrative but the methodology is general.
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We present a data-driven optimization framework that aims to address online adaptation of the flight path shape for an airborne wind energy system (AWE) that follows a repetitive path to generate power. Specifically, Bayesian optimization, which is a data-driven algorithm for finding the optimum of an unknown objective function, is utilized to solve the waypoint adaptation. To form a computationally efficient optimization framework, we describe each figure-$8$ flight via a compact set of parameters, termed as basis parameters. We model the underlying objective function by a Gaussian Process (GP). Bayesian optimization utilizes the predictive uncertainty information from the GP to determine the best subsequent basis parameters. Once a path is generated using Bayesian optimization, a path following mechanism is used to track the generated figure-$8$ flight. The proposed framework is validated on a simplified $2$-dimensional model that mimics the key behaviors of a $3$-dimensional AWE system. We demonstrate the capability of the proposed framework in a simulation environment for a simplified $2$-dimensional AWE system model.
Financial speculators often seek to increase their potential gains with leverage. Debt is a popular form of leverage, and with over 39.88B USD of total value locked (TVL), the Decentralized Finance (DeFi) lending markets are thriving. Debts, however, entail the risks of liquidation, the process of selling the debt collateral at a discount to liquidators. Nevertheless, few quantitative insights are known about the existing liquidation mechanisms. In this paper, to the best of our knowledge, we are the first to study the breadth of the borrowing and lending markets of the Ethereum DeFi ecosystem. We focus on Aave, Compound, MakerDAO, and dYdX, which collectively represent over 85% of the lending market on Ethereum. Given extensive liquidation data measurements and insights, we systematize the prevalent liquidation mechanisms and are the first to provide a methodology to compare them objectively. We find that the existing liquidation designs well incentivize liquidators but sell excessive amounts of discounted collateral at the borrowers expenses. We measure various risks that liquidation participants are exposed to and quantify the instabilities of existing lending protocols. Moreover, we propose an optimal strategy that allows liquidators to increase their liquidation profit, which may aggravate the loss of borrowers.
Chance-constrained optimization (CCO) has been widely used for uncertainty management in power system operation. With the prevalence of wind energy, it becomes possible to consider the wind curtailment as a dispatch variable in CCO. However, the wind curtailment will cause impulse for the uncertainty distribution, yielding challenges for the chance constraints modeling. To deal with that, a data-driven framework is developed. By modeling the wind curtailment as a cap enforced on the wind power output, the proposed framework constructs a Gaussian process (GP) surrogate to describe the relationship between wind curtailment and the chance constraints. This allows us to reformulate the CCO with wind curtailment as a mixed-integer second-order cone programming (MI-SOCP) problem. An error correction strategy is developed by solving a convex linear programming (LP) to improve the modeling accuracy. Case studies performed on the PJM 5-bus and IEEE 118-bus systems demonstrate that the proposed method is capable of accurately accounting the influence of wind curtailment dispatch in CCO.
Recently, chance-constrained stochastic electricity market designs have been proposed to address the shortcomings of scenario-based stochastic market designs. In particular, the use of chance-constrained market-clearing avoids trading off in-expectation and per-scenario characteristics and yields unique energy and reserves prices. However, current formulations rely on symmetric control policies based on the aggregated system imbalance, which restricts balancing reserve providers in their energy and reserve commitments. This paper extends existing chance-constrained market-clearing formulations by leveraging node-to-node and asymmetric balancing reserve policies and deriving the resulting energy and reserve prices. The proposed node-to-node policy allows for relating the remuneration of balancing reserve providers and payment of uncertain resources using a marginal cost-based approach. Further, we introduce asymmetric balancing reserve policies into the chance-constrained electricity market design and show how this additional degree of freedom affects market outcomes.
The wake effect is one of the leading causes of energy losses in offshore wind farms (WFs). Both turbine placement and cooperative control can influence the wake interactions inside the WF and thus the overall WF power production. Traditionally, greedy control strategy is assumed in the layout design phase. To exploit the potential synergy between the WF layout and control so that a system-level optimal layout can be obtained with the greatest energy yields, the layout optimization should be performed with cooperative control considerations. For this purpose, a novel two-stage WF layout optimization model is developed in this paper. Cooperative WF control of both turbine yaw and axis-induction are considered. However, the integration of WF control makes the layout optimization much more complicated and results in a large-scale nonconvex problem, hindering the application of current layout optimization methods. To increase the computational efficiency, we leverage the hierarchy and decomposability of the joint optimization problem and design a decomposition-based hybrid method (DBHM). Case studies are carried out on different WFs. It is shown that WF layouts with higher energy yields can be obtained by the proposed joint optimization compared to traditional separate layout optimization. Moreover, the computational advantages of the proposed DBHM on the considered joint layout optimization problem are also demonstrated.
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