Electricity Spot Market Price Risk Assessment Considering the Participation of Various Aggregated Demand-Side Resources and the Impacts of Renewable Energy Uncertainties

Owing to the volatility of renewable energy, primarily from wind and photovoltaic(PV) power, the incorporation of renewable energy installations can lead to fluctuations in electricity prices in the power market. The participation of various aggregated demand-side resources is an unavoidable trend in the electricity market's development, and the flexibility and adjustability of them can mitigate electricity price risks. In this paper, three types of aggregated resources, namely aggregators considering combined heat and power, energy storage aggregators, and load aggregators, are introduced. A method for assessing market price risk under the participation of various aggregated demand-side resources and the influence of fluctuations in renewable energy output is proposed. Firstly, an operating model for the three types of aggregated resources is established, and the output scenarios of renewable energy are generated using a normal distribution method. Secondly, a model for electricity market risk assessment is established, and the expected system electricity price is introduced as an evaluation index to quantify the electricity price risk in both cases, before and after the participation of aggregated resources. Finally, the suggested approach is confirmed through a modified IEEE 39-bus test system, with PV power serving as a representative example. The analysis results indicate that the introduction of aggregated resources can effectively mitigates the price risk attributed to the volatility of renewable energy.