Energy for Sustainable Development 47 (2018) 53–61

Contents lists available at ScienceDirect

Energy for Sustainable Development

Review

Opportunities and key challenges for wind energy trading with high
penetration in Indian power market
Rishabh Abhinav ⁎, Naran M. Pindoriya
Electrical Engineering, Indian Institute of Technology Gandhinagar, Gujarat 382355, India

a r t i c l e i n f o a b s t r a c t

Article history: This paper briefly discusses the present framework and status of Indian power market and guides through the
Received 21 April 2018 possible adaptations to accommodate the growing renewable energy (RE) integration into the grid. The partici-
Revised 23 August 2018 pation of RE generators in the wholesale energy market would provide them a platform to optimally manage
Accepted 24 August 2018
their generation portfolio which would help them in compensating the high investment cost. The increased com-
Available online xxxx
petition in the market would eventually bring down the electricity price. The objective of this paper is to identify
Keywords:
an ideal framework and optimal bidding mechanism for RE generators (wind energy in particular) to maximize
Battery energy storage system the overall capital gain (social welfare) in the Indian power market. The inputs from various foreign electricity
Day-ahead market markets having high wind energy penetration have been considered. Recent studies suggest that battery energy
Electricity market storage system (BESS) can play a significant role in handling risks associated with the uncertainties in wind
Intraday market power generation and thus can help in maximizing the revenue for wind farm owners. It can also be instrumental
Power exchange in active/reactive power balancing which will further help in the frequency regulation. The paper probes into
Power market the combined wind and battery energy trading, and various bidding strategies in the day-ahead market
Real-time market wind energy trading
(DAM), intraday energy market, real-time balancing, and other ancillary markets.
© 2018 International Energy Initiative. Published by Elsevier Inc. All rights reserved.

Contents

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
Overview of electricity markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
Institutional market agents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
Market players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
Pricing mechanism and market settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
Major electricity markets-RE trading perspective . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
Indian power market: present status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
Power exchanges in India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
RE Trading in Indian power market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
Literature review on electricity market for wind farms integrated with energy storage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
Short-term electricity market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
Reserve market and regulation market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
Demand Response . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
Major challenges in trading of large-scale wind energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
Key findings and future directions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59
Future directives for the framework of Indian power market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

⁎ Corresponding author.
E-mail address: rishabh.abhinav@iitgn.ac.in (R. Abhinav).

https://doi.org/10.1016/j.esd.2018.08.007
0973-0826/© 2018 International Energy Initiative. Published by Elsevier Inc. All rights reserved.
54 R. Abhinav, N.M. Pindoriya / Energy for Sustainable Development 47 (2018) 53–61

Introduction owners. It identifies the major challenges in the way of successful

integration of large-scale wind energy resources and its trading in the
Renewable energy (RE) resources, primarily wind and solar energy market. Further, it suggests the future directives for the framework of
are expanding at a significant pace in India to support the growing the Indian power market to accommodate the impending growth of
energy requirements of the country. Indian power grid is one of the wind energy.
largest synchronized network in the world with more than 330 GW of
installed capacity (Installed Capacity, 2017). Presently, the fossil fuels Overview of electricity markets
based generators comprise around 67% of the total installed capacity
while RE resources account for 17% with wind and solar contribution The basic architecture of the electricity market is more or less the
at 32 GW and 13 GW respectively. Over the last decade, the economy same around the world. Fig. 1 shows the structure of a typical market
and the electricity demand of India has grown at an annual average of with its constituent agents and players (Conejo, Carrión, & Morales,
7.5% (Economic Survey of India, 2017). The energy demand is expected 2010). In general, the electricity trading involves three types of markets
to escalate further to support India's growing manufacturing sector and based on different trading horizons:
improved standard of living. In order to cater the augmenting energy
• Day-ahead Market (DAM): It operates in one day advance and the
needs with a commitment of providing clean and green energy, the
market clears about 8 to 12 h ahead of actual power delivery. DAM
Government of India under its ministry of new and renewable energy
accounts for most of the volume trading in the short-term market.
(MNRE) has established a target of installing 175 GW of RE by the
• Intra-day Market (IDM) or adjustment markets: It is sequentially
year 2022 which would include 100 GW of solar energy and 65 GW of
arranged throughout the delivery horizons and clears a few hours
wind energy (Ministry of New and Renewable Energy, Government of
before the actual power delivery.
India, 2017). As RE sources are intermittent in nature, such a large-scale
• Real-time market (RTM) or balancing market: It clears a few minutes
integration of solar and wind power may result in load-generation
before the actual power delivery and intends to maintain the system
imbalance. This may jeopardize the stability and reliability of whole
balance in real-time.
power system if the situation is not addressed aptly. Thus, the Indian
power system has to progressively evolve to absorb the impacts of
Apart from these, an electricity market may also provide various
increased variability and uncertainty of such a large-scale RE expansion.
ancillary services like reserve market (RM), regulation market (RGM)
The majority of Indian generation capacity is bound to long-
and demand response market (DRM).
term power purchase agreements (PPAs) of 12–25 years which results
in entire demand-risk being transferred to distribution companies
Institutional market agents
(DISCOMs) (Try short-term power trading, IEX article, 2017). Heavy re-
liance on long-term contracts has led to multiple issues faced by both
The institutional market agents are authoritative for the technical
DISCOMs and generators. DISCOMs are losing money due to the higher
and the financial aspects of the market. They include:
cost of power procurement in long-term contracts and lower realization
of AT&C losses (aggregated transmission and commercial losses). This, • Market Operator (MO): It is accountable for managing the financial
in turn, results in delayed payments to the generator, idle capacities, affairs of the market. It governs the trading rules, decides the market
stranded plants with no PPA and hence no means to achieve financial price and determines the volume of energy to be traded.
closure. However, with the advent of short-term open access and • Independent System Operator (ISO): It controls the technical aspects
power exchange platform, it is possible to balance long-term PPAs of the electricity network and ensures the system reliability, stability
with short-term power procurements. and security through smooth power flow.
RE sources are characterized by high installment cost with return on • Market regulator (MR): It ensures the competitive and adequate func-
investment (ROI) of several years. Allowing RE generators to participate tioning of the market, enforces orders and regulations, and increases
in wholesale market will help them to increase their profit and over- the utilization of RE resources by introducing various policies.
come the high investment cost. Since the objective of a market is always
to maximize the social welfare, it will also bring down the price of
Market players
electricity generated from renewable resources. However, the high
risk associated with the uncertain power output from RE sources deter
Market players mainly comprise of producers, retailers, and con-
the RE producers to participate in the short-term market. Further, lack
sumers which are discussed below:
of suitable market framework and attractive incentives restrict RE trad-
ing. Recent literature (Xie et al., 2011) suggest that the battery energy • Producers: These entities own the generating units and are account-
storage system (BESS) integrated with RE generators can provide a able for electricity production. There may be dispatchable as well as
smooth power output. The charging and discharging rates of BESS are non-dispatchable producers. A producer seeks to maximize its profit
pretty much fast so it can be used to address sudden load changes,
reducing the reliance on fast ramping but costly generators. Further, Institutional Retailers
BESS can also be instrumental in providing frequency regulation, Market Agents
power quality improvement, voltage stabilization, demand response Producers
MO
activities like peak load shaving and load shifting and energy manage- DisComs
ment in microgrids etc. Dispatchable
DAM
IDM
This paper gives a brief overview of basic electricity market (inter- Producers
RTM
changeably used with power market) and explores the several global ISO
RM Consumers
electricity markets where trading of either RE or its products is promi- Non-
RGM
Dispatchable
nent. It highlights the key features of existing power market in India DRM Industrial,
Producers
wherein the current and future scenarios for RE trading under high Commercial
MR and
renewable energy integration is examined. The emphasis is made to Residential
explore the possibility of wind energy trading in Indian power ex- Consumers
changes. A thorough literature survey on various market options and
bidding strategies for efficient wind energy trading is presented which
investigates the role of BESS for profit maximization of wind farm Fig. 1. Basic market architecture, institutional market agents, and market players.
 R. Abhinav, N.M. Pindoriya / Energy for Sustainable Development 47 (2018) 53–61 55

by selling the generated electricity either through the electricity in the Nordic and Baltic region in Europe, delivers both day-ahead and
markets or to the retailers or directly to the consumers through bilat- intraday trading, clearing, and settlement to customers, regardless of
eral power purchase agreements. size or location of generating units (Nord Pool, n.d.). There are more
• Consumers: They are the end users of the electricity. Consumers than 370 companies responsible for power production in the Nordic
can be further categorized into industrial consumers, commercial and Baltic countries which comprises hydro, nuclear, thermal, wind
consumers, and residential consumers. It receives electricity through and solar energy. Wind energy is an integrated part of trading in Nord
retailers. It may also purchase electricity from the electricity market, pool.
or by signing the bilateral contracts with producers. Additionally, In other European markets, RE sources are encouraged with some
a consumer may get some incentives by participating in demand favored incentives, like green certificates, feed-in tariff, premium-price
response mechanism by varying its electricity consumption as per mechanism, etc. (Wang et al., 2015). In EPEX, Germany, RE generators
the command of ISO. will keep receiving feed-in tariffs as long as they use energy storage
• Retailers: These generally include distribution companies. Retailers for arbitrage (Energy Policies of IEA Countries – Germany, 2013)
supply electricity to those consumers which do not participate in the whereas Switzerland and France provide fixed feed-in-tariff to RE
market directly. They purchase the electricity through bilateral con- sources (RES LEGAL Europe, 2017). In Belgium (BELPEX), RE sources
tracts with producers and/or through the participation in the market are provided two support schemes namely the Green Certificates
and then supply to the consumers. The objective of a retailer is to Systems and the Offshore Wind Compensation Scheme, (http://www.
buy electricity as cheap as possible and maximize the profit by selling vreg.be/en/support-system-green-certificates, n.d.). In Italy (GME),
to its customers. RE sources have access to four different schemes: feed-in tariff,
green certificate market, investment subsidies and price-premium
Pricing mechanism and market settlement mechanism (Renewable Energy Policy Review, 2012). Stimulering
Duurzame Energie (SDE+) in Netherland provides the subsidy to re-
The pricing and settlement schemes differ for different electricity newable energy technologies (http://www.rvo.nl/subsidies-regelingen/
markets and different market-products like DAM, IDM, and RTM. Pricing stimulering-duurzame-energieproductie-sde, n.d.).
mechanisms are based on the marginal cost rather than the average cost Despite receiving several incentives and promotions, the uncertainty
of production as the former is more economically beneficial (Greer, in the generation limits the trading of RE in the market. Unforeseen pro-
2012). A marginal price is the cost of incremental change in the electric- duction of RE due to meteorological conditions may lead to the system
ity generation. Usually, there are three types of pricing mechanisms unbalance if the scale of integration is very high. One pragmatic solution
popular around the world (Morales, Conejo, Henrik, Pierre, & Marco, to this is energy storage. Energy storage can also enjoy the additional
2014): benefit of participating in reserve and ancillary service markets.

• Uniform Marginal Pricing (UMP): In this scheme, the electricity price

Indian power market: present status
is same throughout the service area of the market.
• Nodal Marginal Pricing (NMP) or locational marginal pricing (LMP): It
The introduction of Electricity Act, 2003 started the restructuring of
is calculated by implementing optimal power flow (OPF) in the elec-
the Indian electricity sector which laid down the provision for promot-
trical network which results in different prices at each transmission
ing competition in the Indian power market. This further escalated with
bus (node).
the commencement of power exchanges in 2008. The exchanges have
• Zonal Marginal Pricing (ZMP): A market service area may be divided
aided in better utilization of energy resources and have improved the
into several zones. Under the ZMP mechanism, the electricity price
energy security of the country. However, the short-term power markets
may be different for different zones but the same within a zone. It is
in India are still short of exploiting their true potentials. Indian power
usually a tradeoff between UMP and NMP.
market operations can be divided into long-term (up to 25 years),
medium term (3 months to 3 years), short-term (intraday to 3 months)
Major electricity markets-RE trading perspective and balancing market (real time). Most of the electricity (around 89%)
is traded through the long-term power purchase agreements (PPA)
Several market operators now encourage the RE generators and which are usually prepared at the time of the commission of the power
distributed energy resources (DER) to participate in short-term trading plants. Around 5% of the electricity is traded through over-the-counter
through DAM, RTM and several reserve and regulation markets. They (OTC) contracts and only 4% of the total generated electricity is being
also provide a platform for demand response management (DRM) traded in power exchanges. Real-time balancing is achieved through
activities. The common market for Pennsylvania, New Jersey, and the unscheduled interchange (UI) mechanism which amounts to 2% of
Maryland (PJM) is considered the most successful market in North the net electricity generated (Electricity Market Presentation, 2017).
America. PJM operates DAM, RTM, several capacity markets and reserve In the UI mechanism, system frequency determines the real-time
markets. In order to attract RE generators, PJM offers them Open-Access price of the electricity as a cost of deviation from the schedule. A gener-
Transmission Tariff (Center for Climate and Energy Solutions, n.d.). They ating unit is penalized if it is injecting less than the schedule and the
have also developed several other policies and for promoting DER and system frequency is below 50 Hz, or if it is over injecting when the
DRM. system frequency is above 50 Hz. In similar fashion, a generating unit
Some markets put few restrictions on RE generators for participation is given incentives for over injective under low-frequency instances
in energy trading. For example, the Australian National Electricity and for under injecting during high-frequency instances. Fig. 2 shows
Market (NEM) allows RE generators to participate in the market but the present framework of the Indian power market.
with reduced capacity to overcome the variation in renewable output
(Opportunities for renewable energy and demand-side management Power exchanges in India
to participate in the wholesale energy market, n.d.). They have also
established supporting organizations for backing RE sources such as Out of the two power exchanges in India, Indian Energy Exchange
Australian Wind Energy Forecasting System which provides forecasting (IEX) headquartered at New Delhi, is the dominant one holding 98% of
of wind energy as well as other RE generations in Australia (Australian the market share (the financial year 2016–17) with over 1000 daily par-
Wind Energy Forecasting System (AWEFS), 2016). This allows RE ticipants and on an average 5000 MWh energy trading per hour per day
sources to better plan their future productions and avoid system over- (Power Market Analysis, 2017). The other one, Power Exchange India
load. On the other hand, Nord Pool which is a dominant power market Limited (PXIL) is headquartered in Mumbai. This section focuses on
56 R. Abhinav, N.M. Pindoriya / Energy for Sustainable Development 47 (2018) 53–61

Indian
Power
Market

Long Term Medium Term Short Term Balancing Market

Structure (upto 25 years) (3 months to 3 years) (Intraday to 3 months) (real time)

Power OTC OTC

Power Unscheduled
Technique Purchase (Licensed (Intraday to
Exchange Interchange
Agreement Traders) 3 months)

Market
Share 89% 5% 4% 2%

Fig. 2. Indian power market-present framework.

the operations of IEX as the case to understand the various products trading over the past 5 years in IEX (REC Data on Indian Energy
being traded and operational in the market. Exchange (IEX), n.d.). There has been a steady growth in the number
Energy trading in IEX is executed through the DAM and Term-ahead of participants in REC trading over the period. The price of solar REC
market (TAM). In DAM, participants can trade electricity in the market has significantly dropped down from Rs. 13,000 (approx. US$ 186) per
for any/some/all of the ninety-six 15-minute time blocks of the next REC in May 2012 to Rs. 3500 (approx. US$ 50) per REC in January
day beginning from midnight. Fig. 3 shows the timeline and trading 2015. Since then, it has maintained a firm price. The price of non-solar
process flow of DAM in IEX. On the other hand, in TAM, electricity can REC has also been brought down to Rs.1500 (approx. US$ 21.4) per REC.
be purchased or sold on a term basis for a period of 1 week in advance. The statistics show the stability and maturity of the REC market.
IEX also serves intra-days contracts which are operated through the However, these numbers are a fraction of the total market players
continuous trading process and serves as adjustment market. Apart involved in actual energy trading. The key point is that the RE certificate
from the physical electricity, IEX also provides the platform for trading is not actual energy product but an attribute of the green energy being
the incentive-based products such as to reduce the energy consumption traded in the electricity market on a monthly basis. This leaves a void
of various industries: Energy Saving Certificates (ESCerts) and to in the Indian electricity markets which at present, do not allow RE
promote the RE-based generation: Renewable Energy Certificates trading on a short-term basis. However, RE trading can be incorporated
(RECs). More information on REC, ESCerts and IEX trading process can by providing the platform for ancillary services like reserve and regula-
be obtained at IEX website (Indian Energy Exchange, Products, n.d.). tion markets, and by adopting the better forecast tools and advanced
Out of the various incentives provided by the government to technologies.
promote RE sources in India, RE certificates are of special interest.
RECs can be either solar or non-solar based on the source of generation. RE Trading in Indian power market
IEX started trading RECs in around May 2012. As of May 2017, IEX has
sold an average of 675,839 non-solar RECs and 71,541 solar RECs per The traits associated with the REC and the electricity generated
month (between Jan-May 2017). Fig. 4–6 show the growth of REC from RE sources are sold or purchased separately. At present, only

Review
Initial Bidding Matching
Transmission
Margin Buy/Sell bids through/ MCP and MCV
Corridor & Funds
Check by registered members calculated
Availability

0930 1000 hrs- 1200 hrs- 1300 hrs-

hrs 1200 hrs 1300 hrs 1400 hrs

IEX makes Scheduling Confirmation Final ACP and

Buyers Pay
payments to RLDCs/SLDCs Schedule sent to ACV calculated
to IEX
sellers incorporate NLDC. NLDC sends Area splitting if
Pay-in
Pay-out schedules to RLDCs/SLDCs congestion

D+1 By By By By By
1400 hrs 1800 hrs 1730 hrs 1430 hrs 1400 hrs

Fig. 3. Timeline of the day-ahead market in IEX.

 R. Abhinav, N.M. Pindoriya / Energy for Sustainable Development 47 (2018) 53–61 57

2500 14
Non-Solar REC Solar REC Non-Solar REC Solar REC

No. of RECs (in lakhs)

No. of Participants

2000 12
10
1500
8
1000 6
500 4
0 2
Aug '12
Nov '12

Aug '13
Nov '13

Aug '14
Nov '14

Aug '15
Nov '15

Aug '16
Nov '16
May '12

May '14

May '16
May '13

May '15

May '17
Feb '13

Feb '14

Feb '15

Feb '16

Feb '17
0

Aug '12
Nov '12

Aug '13
Nov '13

Aug '14
Nov '14

Aug '15
Nov '15

Aug '16
Nov '16
May '13

May '15

May '17
May '12

May '14

May '16
Feb '13

Feb '14

Feb '15

Feb '16

Feb '17
Months
Months
Fig. 4. The growth of REC (No. of participants) over the years in IEX.

Fig. 6. REC market clearing volume (No. of RECs) in IEX.

conventional generators are permitted to bid into the exchange while
the RE generators sell electricity through long-term PPA or bilateral term market only, but it can also assist in various ancillary service
contracts. The PPA is generally made for 10–20 years based on the useful like reserve market (RM), regulation market (RGM), demand response
life and type of RE source. Presently, the RE is being procured by the market (DRM) and energy arbitrage.
DISCOMs at Feed-in Tariff (FiT), determined by the respective State
Electricity Regulatory Commissions (SERC). The factors that decide the Short-term electricity market
tariff of RE generation are capital cost, operation and maintenance ex-
pense, capacity utilization factor (CUF)/plant load factor (PLF), auxiliary With the help of storage devices, the output power of a wind farm
power consumption, station heat rate (SHR), fuel mix (in case of can be smoothened to some degree. This provides an opportunity to
biomass-based plants) (Terms and Conditions for Tariff determination devise a power delivery plan which can maximize the profit of a wind
from Renewable Energy Sources, CERC Regulations, 2017). farm in the short-term market. The authors in (Dicorato, Forte, Pisani,
As of now, the RE generators contribute for around 8% (Power From & Trovato, 2012) planned the operation of Na-S based BESS utilizing
Renewables–Grid Interactive And Off-Grid Renewable Power, n.d.) of the wind power and the electricity price forecast to determine an hourly
the total electricity generated in India which is likely to grow to 23% schedule of the power output from the combined wind-battery system.
under the target of 175 GW of RE installation by 2022 (Greening the While many studies use batteries for storage, some other literatures
Grid, 2017). The impact of such a high level of penetration of RE scenario have employed pumped-storage hydro (PSH) plants to integrate with
in the market would be very significant and must be considered care- wind energy (O'Dwyer, Ryan, & Flynn, 2017). In this scheme, PSH
fully for future restructuring of the market. Allowing RE generators to utilizes the low electricity prices during the off-peak period to regener-
bid into the power exchange will not only provide the better utilization ate supply during the peak-demand period. A comparison of PSH and
of short-term market but also provide the RE owners to maximize their BESS has been presented in (Hayes, Wilson, Webster, & Djokic, 2016)
profit and remunerate the initial installation cost. Hence, there is an which presents the advantages and disadvantages of the both. The
imminent need to revamp market framework to allow RE trading into technical performance of the two storage systems is quite similar but
the power exchanges. the results claim that PSH is able to store and supply more energy
than BESS. However, BESS can be installed at any of the wind farm
Literature review on electricity market for wind farms integrated locations which cannot be true for PSH.
with energy storage Model predictive control (MPC) is employed in several studies for
the energy management of wind-battery hybrid systems. An MPC
This section is limited to the literature survey of wind energy trading based energy management system (EMS) exploiting the wind power
into the electricity market. Wind power plants (WPPs) mostly suffer the and the market electricity price forecast is proposed in (Abdeltawab &
problem of fluctuating power outputs which elevate the risks in the Mohamed, 2015). The EMS dispatches the BESS based on its power
market as they fail to deliver what promised. Many studies have and energy constraints, maximizing its lifetime by adopting the optimal
suggested that BESS can offer smooth power output from WPPs which number of charging and discharging cycles. This study has been done for
allows the wind farm owners to compete in the day-ahead market the Alberta Electric System Operator (AESO). An MPC based intelligent
with high confidence. The application of BESS is not limited to short- control system is also proposed in (Khatamianfar, Khalid, Savkin, &
Agelidis, 2013) wherein a wind farm is dispatched using a BESS in the
competitive electricity market. It formulates a decision scheme which
15000 enables the plant to store electricity during the off-peak period and
Non-Solar REC Solar REC
sell it during peak-times in accordance with the Australian National
Electricity Market.
Rs. / REC

10000
A renewable only electricity market has been studied (Taylor &
Mathieu, 2016) which aims at understanding the strategic behavior of
5000
market under uncertainty. A modified market structure containing
day-ahead, intraday and real-time trading is discussed in (Ding, Hu, &
0 Song, 2015). It utilizes rolling stochastic optimization for obtaining the
Aug '12
Nov '12

Aug '13
Nov '13

Aug '14
Nov '14

Aug '15
Nov '15

Aug '16
Nov '16
May '12

May '14

May '16
May '13

May '15

May '17
Feb '13

Feb '14

Feb '15

Feb '16

Feb '17

optimal bidding strategy of combined wind-storage in order to maxi-

mize the overall profit of the wind farm. Various strategies with linear
and block bids models have been discussed in (Sharma, Bhakar, &
Months
Tiwari, 2014) for markets with high wind penetration.
An optimal bidding strategy can be formulated as a two-level opti-
Fig. 5. REC market clearing price in IEX. mization problem where one of the levels deals with the market
58 R. Abhinav, N.M. Pindoriya / Energy for Sustainable Development 47 (2018) 53–61

clearing process while the objective of other level is to maximize the Demand Response
overall profit of WPP (Dai & Qiao, 2015). Stochastic programming is
used to model the uncertainties present in system operations consider- Demand response (DR) is a scheme where consumers or DR
ing various scenarios of wind generation and demand (Morales, Conejo, aggregators receive some incentives for shifting their load consump-
Liu, & Zhong, 2012). The uncertainty present in wind forecast can also tions from the period of peak-demand or high price to off-peak or
be addressed by clustering techniques (González-Aparicio & Zucker, low-price period. This helps system operators in reducing peak load,
2015), Markov probabilities (Bathurst, Weatherill, & Strbac, 2002) or load leveling, and even in maintaining grid reliability. DR can also be
by probabilistic forecast (Pinson, Chevallier, & Kariniotakis, 2007). utilized to provide balancing services in the real-time market as it can
The uncertainty in production can be eliminated by a balancing provide much faster (5 min) balancing services than the conventional
mechanism but relying much on balancing may deteriorate the profit- generators (15–20 min) (Conejo & Morales, 2010). A technical overview
ability of the WPPs. In (Morales, Conejo, & Perez-Ruiz, 2010), the of real-time markets integrated with DR and distributed energy re-
authors proposed a bidding strategy for WPP as a linear optimization sources (DER) has presented in (Wang et al., 2015).
problem which reduces the risk in the market without much reduction DR aggregators can coordinate with WPPs to participate in DA
in the profit. Several other literatures (Matevosyan & Soder, 2006; Vilim market (Asensio & Contreras, 2017). The optimal decision making for
& Botterud, 2014; Giannitrapani, Paoletti, Vicino, & Zarrilli, 2016) repre- biding under the uncertainties is achieved by adding a condition value
sent bidding strategies and market clearing mechanisms as stochastic at risk (CVaR) term in stochastic modeling. In (Aalami & Nojavan,
models. 2016), the authors have implemented mixed-integer linear program-
ming wherein the ESS and DR programs are integrated into the stochas-
Reserve market and regulation market tic energy procurement problem (SEPP). It simplifies the decision
making of large electricity consumers for minimizing the cost of elec-
The demand for the reserve is likely to rise with the increasing tricity purchase considering the uncertainty in load, electricity price,
penetration of non-dispatchable producers. Under the scenario of high and output power of RE sources.
wind penetration, WPPs must act like conventional generators to Table 1 presents the summary of the literature survey.
provide frequency regulation. The coordination of wind farms with
BESS is greatly matched for such circumstances. The wind farm-battery Major challenges in trading of large-scale wind energy
hybrid system can be treated as a Virtual Power Plant (VPP) which can
offer its energy capacity in the day-ahead regulation market in order to Following challenges can be brought forward in the way of integrat-
provide frequency regulation (He, Chen, Kang, Xia, & Poolla, 2017). ing large-scale wind energy and their trading in electricity market:
BESS can be also utilized to shift the wind power production from
the off-peak period to on-peak period and to mitigate the ramp rate • Due to its intermittent nature, large-scale integration of wind may
of the wind farms. Hence it is well suited to participate in the energy lead to larger load-generation imbalance. In order to safeguard the
market as an operating reserve. An NA-S battery system was utilized power system operations, these variations have to be accommodated
to achieve similar goals in (Tewari & Mohan, 2013), presenting a by the conventional generators which will disrupt their dispatch
case study in MISO (Midcontinent Independent System Operator) DA schedule. This may lead to the conventional power plants to operate
market. The authors in (Silva-Monroy & Watson, 2014) used lead-acid in an inefficient way with lower capacity utilization.
battery storage to develop a market management system (MMS) com- • In DAM, the market clearing price (MCP) and the market clearing
prising of DAM clearing processes, unit commitment, economic dis- volume (MCV) are decided much in advance of the physical delivery.
patch, and ancillary services. A number of privately-owned energy Due to the uncertain production of wind power, WPPs may not be
storage operators can aggregate together and may offer energy and able to deliver the amount they promised in day-ahead. Deviation
reserve in DA and intra-day markets as discussed in (Akhavan-Hejazi from the scheduled delivery is penalized in several markets. This
& Mohsenian-Rad, 2014). escalates the risk of losing profit in the day-ahead market.
One of the other attractive features of BESS is exploiting the arbitrage • The wind power production and demands are not often correlated. It
opportunities wherein energy can be stored in the battery when elec- means that the peak of wind power generation and peak demand may
tricity price is low and can be sold later during the period of higher. A not occur at the same instance. This poses a challenge for load centers
linear optimization based robust bidding strategy for energy arbitrage to shift the duration of their peak electricity consumption to a period
which allows the battery to be charged only from wind-generated when there is high wind power production. This requires a well-
energy is proposed in (Thatte, Xie, Viassolo, & Singh, 2013). An adequate demand response mechanism.
Integrated Bidding and Operating Strategy are introduced in (Ding, • WPPs hesitate to participate in future markets due to their inability to
Pinson, Hu, & Song, 2016) where uncertainties in wind are modeled as guarantee the pre-determined amount of power during the future
probabilistic distribution, based on which the farm places the day- period. This increases the need for the reserve to wind generators
ahead bids. Here, the role of energy storage is limited to minimize which can be achieved by running the plant at lower than maximum
the imbalance in real-time operations. Another approach employing power point. This may result in low revenue as the plant is not utiliz-
stochastic programming makes optimal decisions to maximize the profit ing its full potential. Thus, the participation of wind generators in the
for energy storage under the uncertainties of DA and real-time markets short-term market must be supplemented with a reserve market.
(Krishnamurthy, Uckun, Zhou, Thimmapuram, & Botterud, 2017). • The day-ahead bidding by a generator is considered as a delivery
State of the charge (SOC) of the energy storage plays an important obligation if it qualifies in the market. In case of wind generators,
role in planning the bidding strategy in DA market as SOC at the end the inaccurate power forecast may lead to the inaccurate bidding.
of the trading day is the initial SOC for the next trading day. A look- Hence, the optimal bidding strategy greatly depends on the day-
ahead technique is proposed in (Wang et al., 2017) which optimizes ahead forecasting. This requires better wind power forecast techniques
the energy storage operator's bidding strategy based on the battery with an objective of minimizing forecast error.
SOC for two days. • The uncertainties present in wind forecast can either represented as
Plug-In Electric Vehicles (PEVs) with battery storage are of great multiple scenarios or as a stochastic process. However, the accurate
significance in regulation markets. Appropriate utilization of the PEVs representation of the system may result in nonlinear models which
in the market can considerably mitigate the imbalance in the power are not easy to solve. Therefore, the proper approximation is required
system and can also reduce the energy costs for PEVs owners (Hu, Su, in order to linearize the model and formulate a linear optimization
Chen, & Bak-Jensen, 2013). problem.
 R. Abhinav, N.M. Pindoriya / Energy for Sustainable Development 47 (2018) 53–61 59

Table 1
Summary of the literature survey on wind energy trading in the electricity market.

Energy trading options Ref. no. Objectives Optimization technique Energy storage type Electricity market/test system

Short-term market (DA, 26 Planning and operation of combined Net present value (NPV) optimization Na-S battery Italian electricity market
Intraday, and RT Wind-energy storage system
Market) 27 Efficient energy storage dispatch for Mixed Integer Linear Programming Pumped storage Irish electricity market
electricity market (MILP)
28 Comparison of BESS and pump-storage Optimizing technical and economic Lead-acid battery APX Power UK
for wind farm applications performance and Pumped storage
29 Energy management for a wind-battery Model predictive control (MPC) Lead-acid battery Alberta electric system operator
hybrid system for market
30 Improving wind farm dispatch Na-S battery NSW electricity market, Australia
32 Optimal bidding strategy for Rolling stochastic optimization Pumped storage Prospective Chinese electricity market
33 short-term market Nash equilibrium based bidding – IEEE 24-bus reliability test system
strategy (RTS)
34 Bilevel stochastic optimization, MPEC
35 Stochastic Optimization
36 Reduction of wind power forecasting Clustering techniques – Spanish electricity market
37 uncertainties Markov process NETA, UK
38 Probabilistic forecast Dutch electricity market
39 Optimal bidding and risk reduction Stochastic optimization – Assumed electricity market in the U.S.
40 Optimal bidding and minimize the Nord pool
cost of imbalance (eastern Denmark)
41 Optimal bidding and capture relation Nord pool
between market price and wind power (western Denmark)
42 Optimal bidding strategy Italian electricity market
Reserve and 43 Cooperation between wind farm and Scenario-based optimization problem Vanadium flow PJM
regulation market energy storage for frequency regulation battery
44 Mitigate wind ramp-rate and reserve Optimal charging/discharging of BESS Na-S battery MISO
market
46 Operation of storage for energy and Convex optimization BESS IEEE 24-bus RTS
reserve market
47 Energy arbitrage Robust optimization, Monte Carlo Not mentioned Nord pool
simulation (western Denmark)
48 Stochastic optimization, MILP
49 BESS CA ISO
50 Bilevel stochastic optimization, MPEC IEEE 24-bus RTS
51 Plug-in Vehicle as battery storage for Optimal charging/discharging of BESS Li-ion battery Nord pool
regulation (western Denmark)
Demand response 53 Optimal bidding for wind and Stochastic optimization, Monte Carlo – Hypothetical
demand response simulation
54 Effect of DR program and ESS on Stochastic optimization, MILP Not mentioned –
renewable generation

• The large-scale integration of wind energy could be greatly aided flexibility to the wind generators to participate in the electricity market.
by coordinated operation with large-scale energy storage facilities. In The uncertainties in the wind can be represented as numerous scenarios
addition to the smooth power output and load-generation balancing, which can be obtained using the available forecast. Based on the price
energy storage can provide reserve and regulation capabilities to forecast, planning for day ahead trading is made. To bid from the gener-
wind generators. However, the high cost of large-scale energy storage ator side, the investment cost of wind farm and BESS are considered.
will add burden to the initial investment cost. Production of low-cost The objective of the bidding strategy is to maximize the total profit or
ESS is still under development. social welfare from the sale of electricity in the day-ahead market.
• Wind power generation sites are typically far from the traditional load This can be mathematically formulated as an optimization problem
centers. This increases the burden on transmission infrastructure and with should satisfy the network constraints. The bids comprising of
hinders the smooth power transfer to the load sites. Thus, network bot- electricity prices and the combined power output of the wind farm
tleneck is a major barrier to the integration of large-scale wind energy and BESS for any/some/all of the 15-minutes time blocks of the next
resources. day are submitted to the market. Based on the appropriate calculations
considering available network corridors, market operator clears the
market and MCP and MCV are decided. The system operator then
Key findings and future directions sends the dispatch signals to the wind farm operators which in turn
inject the coordinated wind farm and BESS output power to the
Renewable power plants are non-dispatchable and the uncertainties grid as per the dispatch schedule. The wind farm owners are then paid
in the power generation are attributed to the availability of the underly- according to the bidding structure of the market (uniform pricing or
ing RE source. Wind power generation forecasting is not very accurate pay-as-bid).
due to variability in wind resulting in a deviation from the dispatch The day-ahead bidding strategy of combined wind farm-BESS can be
schedule, incurring penalties. This toughens for the WPPs to decide kept similar to that of a standalone wind farm. This means that the day-
the volume of wind energy to bid in the electricity market and therefore ahead bidding is solely based on the wind power forecast and the role
the trading of wind energy is risky. This uncertainty in wind increases of BESS is to minimize the deviation between the day-ahead offer and
the need for a backup to endure the unpredicted fluctuations of power real-time outputs. But utilizing the battery only to compensate for the
generation. imbalance in real-time operations may increase the risk of charging it
From the comprehensive literature survey, it has been observed at a higher price or discharging it at a lower price. This situation can
that BESS can improve the wind dispatchability and provide enough be improved by imposing constraints-based charging and discharging
60 R. Abhinav, N.M. Pindoriya / Energy for Sustainable Development 47 (2018) 53–61

of the battery at each interval. The risk in day-ahead trading can be • The inclusion of platform for demand response and distributed energy
further be reduced by participating in the real-time or the balancing resources in the current system will reduce the burden on existing
market. If the trading horizons are close to real-time operations, it electrical network and facilitate both, the supplier and the consumer.
would reduce the uncertainty in decision making by wind power pro- • If the Indian power market opens its door for ancillary services like
ducers enabling more efficient trading. However, the real-time market reserve market and regulation market, it will not only economically
prices are generally less competitive than the day-ahead and adjust- beneficial to wind power producers but also enhance the system
ment markets. Consequently, if WPPs become more dependent on the stability and security.
real-time market, its profitability may promptly shrink. Hence, gaining
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