Provision of the Flexible Ramping Product in a microgrid considering the trading strategies in the energy markets

The Flexible Ramping Product (FRP) market has been created as a new ancillary service market for the power systems to manage the severe ramp rates in the net load of the system. Microgrids (MGs) can provide the required ramp service for this market. The MG manager (MGM) sends its bids to the FRP market. The mutual effects of these bids on the MGM trading strategies in the day-ahead (DA) and real-time (RT) energy markets have not been considered in the previous studies. For this purpose, a new formulation is developed in this paper to model the MGM decisions in the FRP market while participating in the DA and RT energy markets. Moreover, the uncertainty on the probability of bid acceptance in the FRP market is modeled in the MGM decision-making problem using the information gap decision theory approach. The results show that changing the MGM strategies in participating in the markets, the objective function of the MGM improves when it participates in the DA energy, FRP and RT energy market, in comparison with the cases in which the MGM does not participate in the FRP market or the RT energy market. Also, the results show how the risk-averse MGM changes its strategies to provide the ramp service for the FRP market to make its decisions robust against the uncertain parameter.(c) 2022 Elsevier Ltd. All rights reserved.