arXiv subjects

Mengmeng Cai

Publications and source records attributed to Mengmeng Cai.

3 recordsLinked to original sources

arXiv2024

Addressing Imbalance Risk with Reserves and Flexibility Options: An ERCOT-like Case Study

As the role of variable renewables in electricity markets expands, new market products help system operators manage imbalances caused by uncertainty and variability. Whereas work in the last decade has focused on constructing demand curves for central procurement of those products, little attention has been paid to designing their settlement scheme and understanding the connections between the economic value of these products, the schedule of variable resources, and the cost of flexibility. In this article, we compare a new product called Flexibility Options, which addresses these gaps, with a traditional reserve product using a case study similar to the 2019 Texas (ERCOT) system. Our findings suggest that both products are equally effective in managing imbalances, but Flexibility Options have superior risk management properties and keep the system operator revenue adequate.

eess.SY↗

arXiv2024

Flexibility Options: A Proposed Product for Managing Imbalance Risk

The presence of variable renewable energy resources with uncertain outputs in day-ahead electricity markets results in additional balancing needs in real-time. Addressing those needs cost-effectively and reliably within a competitive market with unbundled products is challenging as both the demand for and the availability of flexibility depends on day-ahead energy schedules. Existing approaches for reserve procurement usually rely either on oversimplified demand curves that do not consider how system conditions that particular day affect the value of flexibility, or on bilateral trading of hedging instruments that are not co-optimized with day-ahead schedules. This article proposes a new product, `Flexibility Options', to address these two limitations. The demand for this product is endogenously determined in the day-ahead market and it is met cost-effectively by considering real-time supply curves for product providers, which are co-optimized with the energy supply. As we illustrate with numerical examples and mathematical analysis, the product addresses the hedging needs of participants with imbalances cost-effectively, provides a less intermittent revenue stream for participants with flexible outputs, promotes value-driven pricing of flexibility, and ensures that the system operator is revenue-neutral. This article provides a comprehensive design that can be further tested and applied in large-scale systems.

eess.SY↗

arXiv2020

On $\mathrm{ID}^{*}$-superderivations of Lie superalgebras

Let $L$ be a Lie superalgebra over a field of characteristic different from $2,3$ and write $\mathrm{ID}^{*}(L)$ for the Lie superalgebra consisting of superderivations mapping $L$ to $L^{2}$ and the central elements to zero. In this paper we first give an upper bound for the superdimension of $\mathrm{ID}^{*}(L)$ by means of linear vector space decompositions. Then we characterize the $\mathrm{ID}^{*}$-superderivation superalgebras for the nilpotent Lie superalgebras of class 2 and the model filiform Lie superalgebras by methods of block matrices.

math.RA↗