Where to market flexibility? Integrating continuous intraday trading into multi-market participation of industrial multi-energy systems
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Date
2025-04
Publication Type
Journal Article
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yes
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Abstract
The rising share of volatile renewable electricity generation increases the demand for flexibility. Flexibility can be offered by industrial multi-energy systems and marketed either on the continuous intraday, day-ahead, or balancing-power markets. Thus, industrial multi-energy systems face the question where to market their flexibility. We propose a two-step method to integrate trading on the continuous intraday market into a multi-market optimization for flexible industrial multi-energy systems. First, we estimate revenues from continuous trading in the intraday market, employing option-price theory. Second, a multi-stage stochastic optimization allocates the flexibility to the three markets. The case study of an industrial multi-energy system demonstrates that coordinated bidding in all three markets reduces costs the most. A sensitivity analysis reveals that the optimal split between the different markets strongly depends on the intraday market volatility. Overall, the proposed method provides a practical decision-support tool for multi-energy systems participating in short-term electricity and balancing-power markets.
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published
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Journal / series
Volume
195
Pages / Article No.
109026
Publisher
Elsevier
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Edition / version
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Subject
Continuous trading; Stochastic programming; Option-price theory; Optimal bidding strategy; Multi-energy systems; Coordinated bidding
Organisational unit
09696 - Bardow, André / Bardow, André