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Flexible Bidding of Electric Energy Storage for Retail Day-Ahead Transactive Market

This paper presents a flexible day-ahead (DA) bidding strategy for electric energy storage to participate in retail DA transactive market. First, optimum battery schedules are computed by maximizing the profits over the given time horizon using forecasted DA prices. The optimum schedules together with the forecasted electricity prices are then used to create a flexible bid curve for the batteries. Since forecast of the DA electricity prices is not deterministic, the optimum bid quantity obtained based on optimization would no longer be optimum when a) electricity prices change from forecasted values and/or b) market clears at the price different than the bid price. The proposed flexible bidding mechanism adapts to such market deviations by considering the flexibility of the battery operation, battery characteristics, and battery owner's desired profit into flexible bid curve. The performance of the flexible bidding is demonstrated using Pacific Northwest National Laboratory's transactive energy system platform and was compared against point bidding. The simulation results demonstrated that the flexible bidding resulted in significantly higher profit (>50%) to the battery owner compared to the point bidding.