Publication Type | Journal Article |
Year of Publication | 2018 |
Authors | F.-Javier Heredia; Julián Cifuentes-Rubiano; Cristina Corchero |
Journal Title | Journal of Environmental Management |
Volume | 207 |
Issue | 1 |
Pages | 12 |
Start Page | 432 |
Journal Date | February 2018 |
Publisher | Elsevier |
ISSN Number | 0301-4797 |
Key Words | research; OR in Energy; Stochastic Programming; Risk Management; Electricity market; Emissions reduction; paper |
Abstract | There are many factors that influence the day-ahead market bidding strategies of a generation company (GenCo) within the framework of the current energy market. Environmental policy issues are giving rise to emission limitation that are becoming more and more important for fossil-fueled power plants, and these must be considered in their management. This work investigates the influence of the emissions reduction plan and the incorporation of the medium-term derivative commitments in the optimal generation bidding strategy for the day-ahead electricity market. Two different technologies have been considered: the high-emission technology of thermal coal units and the low-emission technology of combined cycle gas turbine units. The Iberian Electricity Market (MIBEL) and the Spanish National Emissions Reduction Plan (NERP) defines the environmental framework for dealing with the day-ahead market bidding strategies. To address emission limitations, we have extended some of the standard risk management methodologies developed for financial markets, such as Value-at-Risk (VaR) and Conditional Value-at-Risk (CVaR), thus leading to the new concept of Conditional Emission at Risk (CEaR). This study offers electricity generation utilities a mathematical model for determining the unit’s optimal generation bid to the wholesale electricity market such that it maximizes the long-term profits of the utility while allowing it to abide by the Iberian Electricity Market rules as well as the environmental restrictions set by the Spanish National Emissions Reduction Plan. We analyze the economic implications for a GenCo that includes the environmental restrictions of this National Plan as well as the NERP’s effects on the expected profits and the optimal generation bid. |
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DOI | 10.1016/j.jenvman.2017.11.010 |
Preprint | http://hdl.handle.net/2117/114024 |
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Publication Type | Conference Paper |
Year of Publication | 2017 |
Authors | F.-Javier Heredia; Marlyn D. Cuadrado; J.-Anton Sánchez |
Conference Name | 4th International Conference on Optimization Methods and Software 2017 |
Conference Date | 16-21/12/2017 |
Conference Location | La Havana |
Type of Work | Invited presentation |
Key Words | multistage; VSS; wind-BESS VPP; wind power; energy storage; battery; research |
Abstract | One of the objectives of the FOWGEN project (https://fowgem.upc.edu) was to study the economic feasibility and optimal operation of a wind-BESS Virtual Power Plant (VPP): In [1] an ex-post economic analysis shows the economic viability of a wind-BESS VPP thanks to the optimal operation in day-ahead and ancillary electricity markets; In [2] a new multi-stage stochastic programming model (WBVPP)for the optimal bid of a wind producer both in spot and ancillary services electricity markets is developed. The work presented here extends the study in [2] with a new methodology to treat the uncertainty, based in forecasting models, and the study of the quality of the stochastic solution. [1] F-Javier Heredia et al. Economic analysis of battery electric storage systems operating in electricity markets 12th International Conference on the European Energy Market (EEM15), 2015 DOI: 10.1109/EEM.2015.7216739. [2] F-Javier Heredia et al. On optimal participation in the electricity markets of wind power plants with battery energy storage system. Submitted, under second revision. 2017. |
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Last december I was invited to the 4th International Conference on Optimization Methods and Software 2017 that was held in La Havana, to present the study A Multistage Stochastic Programming Model for the Optimal Bid of Wind-BESS Virtual Power Plants to Electricity Markets. This study was developed in collaboration with Marlyn Cuadrado and Josep Anton Sánchez, from my same department in the UPC, and is a partial result of the research project FOWGEM. This study is a follow up of the previous work presented in the WindFarms 2017 Conference extended with a new methodology to treat the uncertainty, based in forecasting models, and the study of the quality of the stochastic solution through the Value of the Stochastic Solution. In the animated graph you can observe how the the probability distribution of several recourse variables (optimal bid, imbalances, charge/discharge and SOC) evolves along five working days.
Publication Type | Conference Paper |
Year of Publication | 2017 |
Authors | J. Minguella-Canela; A. Muguruza; D.R. Lumbierres; F.-Javier Heredia; R. Gimeno; P. Guo; M. Hamilton; K. Shastry; S. Webb |
Conference Name | Manufacturing Engineering Society International Conference 2017, MESIC 2017, 28-30 |
Conference Date | 28-30/07/2017 |
Publisher | Elsevier |
Conference Location | Vigo, Spain |
Type of Work | Contributed presentation |
Key Words | research; Additive Manufacturing; Ultra-postponement; Supply Chain; stochastic programming |
Abstract | The best-selling products manufactured nowadays are made in long series along rigid product value chains. Product repetition and continuous/stable manufacturing is seen as a chance for achieving economies of scale. Nevertheless, these speculative strategies fail to meet special customer demands, thus reducing the effective market share of a product in a range. Additive Manufacturing technologies open promising product customization opportunities; however, to achieve it, it is necessary to delay the production operations in order to incorporate the customer’s inputs in the product materialization. The study offered in the present paper compares different possible production strategies for a product (via conventional technologies and Additive Manufacturing) and assesses the degree of postponement that it would be recommended in order to meet a certain demand distribution. The problem solving is calculated by a program containing a stochastic mathematical model which incorporates extensive information on costs and lead times for the required manufacturing operations. |
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Publication Type | Conference Paper |
Year of Publication | 2017 |
Authors | F.-Javier Heredia; Marlyn D. Cuadrado |
Conference Name | WindFarms 2017 |
Conference Date | 31/05-02/06/2017 |
Conference Location | Madrid, Spain |
Type of Work | Invited presentation |
Key Words | research; wind farms; Ion-Li battery; multistage stochastic programming; stochastic programming |
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Publication Type | Funded research projects |
Year of Publication | 2016 |
Authors | F.-Javier Heredia |
Type of participation | Leader |
Duration | 11/2016-11/2019 |
Funding organization | Accenture Technology Labs |
Partners | Accenture Technology Labs (Silicon Valley), Accenture Analytics Innovation Center (Barcelona) |
Full time researchers | 2 |
Budget | 132.532,43€ |
Project code | I-01507, I-01508 |
Key Words | research; supply chain; manufacturing; private; project; Accenture |
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Publication Type | Proceedings Article |
Year of Publication | 2016 |
Authors | Miguel Mata Perez; F.-Javier Heredia; Claudia Morales Carreon |
Conference Name | Congreso Internacional de Logística y Cadena de Suministro 2016 CILOG2016 |
Series Title | Sesiones técnicas |
Volume | 2 |
Pagination | 38-46 |
Conference Start Date | 3-7/09/2016 |
Publisher | Asociación Mexicana de Logística y Cadena de Suministro A.C. |
Conference Location | Yucatán, México |
Key Words | research; supply chain; distribution chain; logistics; paper |
Abstract | Hoy en día los costos logísticos representan una gran oportunidad de mejora para las empresas siendo los costos de transporte y los costos de inventario los más representativos. En este trabajo se presenta un estudio de una empresa ubicada en la región, la cual incurre actualmente en altos costos logísticos en su proceso de importación de materia prima desde Asia hasta su filial en Monterrey, N.L. Por medio de un modelo matemático entero mixto se consigue minimizar los costos antes mencionados. El modelo tiene las siguientes características: es de ubicación de facilidades en cuatro etapas, multiproducto, multiperiodo y multitransporte. |
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Publication Type | Tesis de Grau i Màster // BSc and MSc Thesis |
Year of Publication | 2016 |
Authors | Maksims Sisovs |
Director | F.-Javier Heredia |
Tipus de tesi | MSc Thesis |
Titulació | "KIC InnoEnergy" Master of Science in Smart Electrical Networks and Systems |
Centre | Escola Tècnica Superior d'Enginyeria Industrial de Barcelona (ETSEIB) |
Data defensa | 16/09/2016 |
Nota // mark | 10 MH (A+ with honours) |
Key Words | teaching; BEES; battery energy storage systems; electrical vehicle; smart meters; retail energy market; MSc Thesis |
Abstract | The main focus of this master thesis project is to evaluate the economic, technical and regulatory feasibility of distributed battery energy storage systems (BESS) and the potential opportunity of electricity companies to increase their prots through advanced operation in energy services, such as electric energy time-shift, ancillary or electric vehicle incentives in Spanish electricity market. To assess the feasibility, an optimization tool has been developed. This tool simulates energy trading between different market participants with particular features extracted from data analysis and literature. Load consumption proles had been developed from smart meter real data by applying several data mining techniques. This part had been guided by external collaborating entity Minsait. Electricity market analysis includes the overview of its functionality principles and regulatory side regarding storage adaptation and specific service applicability. Market historical prices were used for further electricity trading simulation. A brief technical insight explains current storage situation and tells about high-potential technologies in emerging markets. Benchmark analysis covers several products of battery manufacturers with relevant technical and price information. Spanish electricity market showed low adaptability to distributed BESS solutions: energy arbitrage incomes have resulted being insuficient. Ancillary services, despite promising economic gures, are to a large extent prohibited to be provided by distributed storage. Electric vehicle incentives, though, resulted being of a high interest due to absence of direct investment. |
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The last Euro Conference on Operational Research was held in the Poznan University of Technology during the first week of July. I participated in the conference with the follwing two contributions: