Optimizing Virtual Energy Hub’s for Enhanced Market Participation and Operational Resilience

In this study, the IEEE 14-bus test system is employed to evaluate the proposed energy management strategy for Virtual Energy Hubs (VEHs). The results demonstrate significant cost reductions with the integration of the interactive Energy Market Management (EMM) system. In the baseline scenario, operating costs were reduced by 10.01% when the EMM was introduced, and further reduced by 13.11% with the addition of direct load control programs. The most significant cost reduction of 56.39% was achieved in scenarios incorporating both EMM and ancillary service demand response programs. Additionally, the use of direct load control programs alone resulted in a 6.02% reduction in operating costs, while ancillary service demand response programs contributed an additional 2.29% cost savings. These findings underscore the substantial potential for cost reduction and efficiency improvements through advanced energy management strategies.