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\begin{document}

\title{Optimal Participation of Co-located Wind-battery Plants in Sequential
Electricity Markets}



\author[1]{Rujie Zhu }%
\author[2]{Kaushik Das }%
\author[2]{Poul Ejnar Sørensen }%
\author[2]{Anca Daniela Hansen }%
\affil[1]{Technical University of Denmark}%
\affil[2]{Affiliation not available}%


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  \date{May 23, 2024}


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\begin{abstract}
Since hybrid power plants (HPPs) play an intensive role in the energy
supply balance of future energy systems, there is today an increased
attention on co-located wind-battery HPPs both in industry and academia.
However, the profitability of HPPs in sequential electricity markets to
overcome initial investment costs has not been yet well examined,
especially with respect to ~balancing services provision. This article
proposes a novel energy management system (EMS) for optimal
participation of wind-battery HPPs in two sequential electricity
markets, namely in spot market and balancing market. The methodology
consists of three optimization models, which allow HPPs to achieve
energy arbitrage, to provide balancing services, and to reduce real-time
imbalance costs. Furthermore, the profitability of HPPs in future (2030)
energy scenario is analyzed based on the new designed and developed EMS
taking balancing service into account. The results of the overplanting
case show that HPPs operated based on the proposed EMS achieve net
present value 3.6 times as high as sole operation in spot market.%
\end{abstract}%



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