A CVaR-EIGDT-Based Multi-Stage Rolling Trading Strategy for a Virtual Power Plant Participating in Multi-Level Coupled Markets

A virtual power plant (VPP) faces multiple uncertainties and temporal coupled decisions when participating as an independent entity in electricity and green markets. A multi-level electricity–green coupled market framework is constructed for a VPP participating as an independent market entity. To address uncertainties in renewable energy outputs and market prices, a risk management method based on conditional value at risk entropy weight method information gap decision theory (CVaR-EIGDT) is proposed. To address the temporal coupled challenges in VPP participation across multi-level electricity–green coupled markets, a multi-stage rolling decision-making method coordinating annual, monthly, and daily scales is proposed, achieving deep coupling in the decision-making sequence of multi-level electricity–green coupled markets. Results show that the proposed model enables adaptive decision-making under varying risk preferences, with decisions exhibiting strong practical adaptability while balancing real-time adjustments and long-term planning. The multi-level electricity–green coupled market framework enhances VPP profitability and resilience, while the CVaR-EIGDT method effectively improves decision-making efficiency across multi-level electricity–green coupled markets.