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An Overview of Virtual Power Plant Development from the Perspective of Market

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 An Overview of Virtual Power Plant Development
from the Perspective of Market Participation
1st Xue Jin Tsinghua University
Nari Group Corporation/State Grid Electric Power Research Institute, Shenzhen, China
Nanjing 211106, China wang-jz16@mails.tsinghua.edu.cn
2nd Jiazhen Wang
3rd Xinwei Shen 4th Hui Wang
Shenzhen Environmental Science and New Energy Technology 5th Rufan Liu
Engineering Laboratory Nari Group Corporation/State Grid Electric Power Research Institute,
Tsinghua-Berkeley Shenzhen Insitute Nanjing 211106, China

Abstract—As an energy management mode for aggregating RTM Real Time Market
and unified control for multiple distributed energy resources and R(·) Revenue function in market
demands, the concept of Virtual Power Plant (VPP) emphasizes C(·) Cost function for device
more on their external characteristics which is evidenced by the
fact that many of the existing studies about VPP are related to
FR Frequency Regulation
market participation. Therefore, this article will focus on VR Voltage Regulation
summarizing VPP participation in various types of power market. Variables
In terms of market in different time-scale, this paper compares p Power bid in energy market
the characteristics and demands from the Medium Term Market r Power bid in auxiliary energy market
(MTM) to the Real Time Market (RTM). Moreover, different ci,tG up Start up cost
target of VPP in the Energy Market (EM) and Ancillary Service
Market (ASM) are also displayed. Furthermore, three types of ciG,tdown Shut down cost
combined market are carefully analyzed, in which the market
L Remaining load power for providing DR
mechanism, target of VPP and general optimization model are
introduced. Finally, a novel VPP concept, Multi-energy Virtual
Power Plant (MVPP) is introduced which is arising with the
I. INTRODUCTION
emergence of integrated energy system.
To alleviate environmental pollution and energy shortage,
Keywords—Virtual power plant, multi-energy virtual power DRE like solar energy has been vigorously developed.
plant, energy market, auxiliary service market However, due to the small capacity of distributed energy and
the volatility of renewable energy, they are usually invisible to
NOMENCLATURE AND ABBREVIATION system operator. Therefore, the concept of VPP was put
forward to aggregate traditional generation device, DRE, ESS
Sets and Indices and controllable load to act as an entity.
i,j Index for device number After nearly twenty years of development, research result
T Time interval about VPP have been very plentiful and each of them has its
G Generation device own characteristics. In terms of resources that can be
ESS Energy storage system aggregated and regulated by VPP, it usually contains
DR Demand response traditional generation device, DRE, ESS, renewable energy,
EM Energy market controllable load, just like in [1][2][3], [4][5] also takes electric
ASM Auxiliary energy market vehicles into account. In terms of modeling methods, In order
RM Reserve market to alleviate the impact of renewable energy on the grid, some
FRM Frequency regulation market articles utilize uncertain modeling and optimization methods.
VRM Voltage regulation market For example, [8] model the uncertainty in the wind-power
MTM Medium Term Market production and in the market prices using confidence bounds
STM Short Term Market and scenarios and formulate an offering problem as a stochastic
DAM Day-ahead Market adaptive robust optimization model. [3] tried to obtain a better
IM Intraday Market profit through participating in day-ahead and real time market,
ISM Intraday Short-term Market in day-ahead internal market, a fuzzy optimization is proposed
This work is supported by Active distribution network comprehensive to consider the uncertainty in the RES, which result in reduced
demonstration project of Suzhou Industrial Park smart grid application dependence on the conventional generator. And stochastic
demonstration area belonging to key demonstration project of State Grid optimization [6] is also a very common modeling method for
Corporation of China (B54608170389) and the China, Postdoctoral Science
Foundation (2018T110097). uncertain problems.
 In addition to the regulation of internal resources, VPP
actually more emphasizes the function and effect of external
presentation, constantly updating the operation concept and
produces social and economic benefits, which is the main
difference to Micro-grid. And its basic application scenario is
the power market. From future market, DAM, IM,ISM,RTM to
ASM, FRM, VRM, VPP can participate in different time scale
markets, and different markets for different auxiliary service.
Therefore, it will be very meaningful to review the different
markets VPP involved. In different markets, the targets,
modeling methods and even the resources that can be
scheduled of VPP are almost different, Therefore, the structure
and content of this article will be introduced around different
types of markets that VPP can participate in.
The remaining of this paper is organized as follows.
Section Ⅱbriefly introduced the origin and development of the
concept of VPP, and the definition of VPP by different scholars,
then give a more complete definition based on the existing
literature. Section Ⅲ first gives a comparison of several basic
markets of VPP involved. Then, three combinations of market
models are introduced in detail. Section Ⅳ introduced a new
type of virtual power plant model-MVPP. Finally, Section V
concludes this paper.
II. VIRTUAL POWER PLANT CONCEPT
In order to solve the aforementioned problems, VPP was
firstly proposed in The Virtual Utility: Accounting, Technology
& Competitive Aspects of the Emerging Industry by Doctor
Awerbuch, Shimon. In this book, concept virtual public facility
was defined like this [7]: It is a flexible collaboration between model. Uncertainty is not the focus of this section, and whether
independent, market-driven entities that can provide consumers
with the efficient power services, however, these entities don’t mechanism. Therefore, uncertainty variables such as market
have to possess corresponding assets. Just like the materials in price, actual load curve, renewable energy output, generating
this book, there isn’t necessary to change the way connected to
network for distributed resource (DG), instead, VPP will
aggregate DG, ESS and controllable load through advanced
control, measurement and communication technologies. With
TABLE ⅠComparison of Several Market VPP involved
Market Type Optimization Range Time Resolution
MTM Month or week ahead 1 hour
DAM Day ahead 1 hour
ISM Several hour ahead 15 mins or 1 hour
several seconds to
RTM 1min-10 mins ahead
several minutes
ASM Day ahead 1 hour
increasingly studies on VPP, a few of scholars have given their
definition and explanation. In [8] VPP was defined as a set of
generating units, storage facilities, and demands, which are
grouped and operate as a single entity with the aim of
optimizing the energy resources. In [9] VPP essentially
represent an ‘Internet of Energy’, tapping existing grid
networks to tailor electricity supply and demand services for a
customer,” and maximizing the value for both the end user and
distribution utility, primarily through software innovations.
Summarizing so many scholars' research, the concept of
VPP can be generally defined as, an energy management mode
for aggregating and unified control mainly for multiple
distributed energy forms, it can realize the optimal dispatch of
resources internally, participate in the market and gain more
profits in the market externally by formulating a reasonable
bidding strategy, and also provide auxiliary services for the
safe and stable operation of grid. The target of VPP can be
divided to threefold, (a) Aggregating energy devices to achieve
economic security scheduling, while achieving the best control
of VPP internal resources. (b) Combining RES with adjustable
generation equipment, energy storage and power from external
grid to reduce the impact of RES on grid, and deeply
participate in the energy market for profit. (c) Gathering energy
equipment of the area to provide auxiliary services for the
power grid. The existing research about VPP generally
achieves one goal or multiple goals above at the same time.
III. VPP INVOLVED MARKET SUMMARY
This section mainly introduces different types of market
mechanism VPP participating in, and general optimization
to consider uncertainty will not affect the setting of market
capacity of generation equipment can be temporarily set as
deterministic values in this section.
Target
Reach to energy contracts and auxiliary service agreements to
resist the possible uncertainty of price, network congestion and
generation devices fault in short term market
Maximizing the revenue through bidding in the energy market on
the premise of meeting internal load requirements in coming day
As a supplement of DAM, fulfilling the bidding result of DAM
based on constantly updated accurate forecast information, and
make adjustments to unexpected network failures in short term.
Responding to the transient state information of grid, it usually
serves as an implementation stage for VPP to provide ancillary
services.
VPP in this market is to undertake ancillary services (standby,
FR, VR) commitment (generally reflected in capacitance), then
coordinate with the real-time market to fulfill ancillary services
by VPP.
 i. Medium-Term Market and Day-ahead Market
With the rapid development of distributed renewable
energy, more and more articles are focusing on short-term
market (STM) research, for instance Day-ahead Market and
Intraday Market, to minimize the impact of fluctuations by
renewable energy on the stable operation of grid. However, it
is still beneficial to participate in future market for
participants since the Medium Term Market can hedge
against the risk of uncertainty of energy supply and price in
short-term markets by signing contracts in advance[10][11].
The MTM in which VPP participates usually includes
week up, month-ahead, even one year ago, there they will
sign a energy contract or reserve agreement which always are
composed of power capacity and price. Current research on
VPP's participation in MTM is generally divided into two
categories. In the first type of research, the focus is on VPP's
bidding strategy in STM coordinate with bilateral contract
signed in MTM. Specifically, with a known bilateral contract,
VPP must decide how to dispatch power generation, energy
storage, controllable load and other resources to ensure the
perfect performance of bilateral contracts while maximizing
the benefits in STM. [12] has considered a type of this
problem, it put forward a weekly self-scheduling of VPP to
maximize its profit subject to a bilateral contract. A general
model for such problems can be summarized as follow.
T
    
T m1,m 2...
Max  R pVPP    C piG,t  C piESS  C piDR  ciG,tup  ciG,t down   (1)
 t 1
t
t 1 i 1
 ,t ,t
m1 m2 m3
 p  p
i 1
G
i ,t
i 1
ESS
i ,t
  piDR
,t
i 1
 dt  pVPP
1    bct  dt  1    bct
T T
 d   bc
t 1
t
t 1
The objective function are still maximizing the benefits
gained in the market, what different from the traditional VPP
bidding strategy model is the constraint conditions to fulfill
contracts, just like (2)(3)(4). d t stands for bilaterally
delivered electricity, (2) means except supplying energy to
load and market, VPP must provide enough electricity for
contacts. And bct stands for bilaterally contracted energy, (3)
means there is allowed to exist discrepancy between
contracted and delivered electricity controlled by ratio  and
 , however, bilaterally contracted and delivered electricity
within the scheduling time horizon have to be equal, shown
by (4).
In fact, the scheduling results of this kind of model may
be suboptimal, because main drawbacks of this kind of
model are that the mid-term contract signing process is not
considered in the optimization process, and the bilateral
contract signing by experience alone may not reach to the
optimal results.
However, in the second type of research, authors are
going to concern about the contradiction between bidding
profit in the MTM and accurate execution in the STM [10],
namely, VPP wants to win more energy contracts or reserve
agreement in MTM to gain more profit, nevertheless, they
may face the danger of being punished in the STM for failing
to provide sufficient reserve energy and regulation capacity,
therefore the authors are eager to find an equilibrium
between bidding strategy in MTM and realization in STM.
Such models are generally divided into two stages, the first
stage is involved in MTM in which VPP should calculate the
optimal contract capacity and price, then sign energy
contracts or reserve agreements with ISO. An essential step
in this decision-making process is the need to consider
feedback from short-term markets. Specifically, it is
necessary to establish such two functions, (a)
cost  f (capacity) , cost refers to the extra generating and
storage using costs incurred by short-term execution of a
given tender capacity, and the penalty cost caused by amount
of electricity, number of times VPP can’t meet the bidding
capacity , and the impact on the grid. (b)
revenue  f (capacity) the revenue function here refers to
another portion of the revenue from the real services VPP
provides in the RTM, which is usually settled after the RTM
rather than the revenue from contracts signed in the MTM.
The process of establishing these two functions is usually
given a medium-term tender capacity, through the short-term
execution program to analyze the results of short-term
 execution process, then a fitting function will be obtained by
  
 using statistical tools to fit multiple sets of data from
repeating this process, just like [21] shows. [10] choose to
t
 Lt (2) train a surrogate model to show the intricate relationship
between mid-term decisions and resulting profit in short-term.
(3) The second stage of this model is considering how to
t (4)
continue bidding in the STM, and how to optimize the
scheduling of units in the real-time market ensuring the fully
implement of contracts in MTM, just like in (1)-(4).
ii. Day-ahead Energy Market and Auxiliary Service
Market
What will be illustrated here is a double-auction market
in which all participants can involve in both EM and ASM to
gain more profits. This type of market shows a more
favorable side to the flexible resources form, for their mass
power generation or energy demand can be satisfied in EM,
meanwhile they can also provide services to ASM by their
own power adjustment ability. Market framework is
generally like this: (a) The participants should make a
prediction for some information firstly, including EM price,
ASM price, their own possible load curve and renewable
energy power generation curve. (b) Then by calculation
procedures, they can obtain the optimal bidding strategy for
EM and ASM respectively including power curve and price
pairs that they may yield largest profit from both market. (c)
Finally, the participants should submit bids to EM and ASM
and will receive offers from both sides after separate market
clearing.
 As a part of market participants, what VPP needs to do is
to calculate bid strategies simultaneously for both markets,
corresponding to step (b) of market framework. Therefore,
optimization objective is generally set to maximize the total
profit of VPP in both markets. Furthermore ， objective
function can also be boiled down to two categories, first type
paying more attention to the resource types in VPP, in which
objective function is composed of the revenue from market
minus cost for each resource, which is shown as below.
This section will mainly summarize the cooperative
behavior of VPP in two stages of the market, that is DAM
and IM. As we all know, VPP's bid strategy in DAM is
designed to achieve greater profits. However, with increasing
renewable energy integrated in VPP, just paying attention to
participating in the DAM and ignoring the control of the
behavior in IM will greatly weaken the value of VPP for
several reasons: (a) some prediction information, like
renewable energy output, load prediction and market price

Max 
T m1,m 2...     
 R pG  r G  C p G  r G  ciG,tup  ciG,tdown  R p ESS  r ESS
  are much more accurate in a short time than in a longer time.
 (b) there may be some accidents in IM, for instance,
i ,t i ,t i ,t i ,t i ,t i ,t
  (5)
t 1 i 1
    DR DR
 
C pi ,t  ri ,t  R pi ,t  ri ,t  C pi ,t  ri ,t
ESS ESS DR DR
 
 generation device failure and network congestion. (c) for
VPP those promise to provide frequency and voltage
Another kind of objective function emphasizing on the
benefits of VPP as a whole entity to participate in two regulation, they have to adjust their own output real tome to
markets, which is like this. alleviate the damage of frequency and voltage deviation.
T  The first type of research here is coordination of two
 R p t
 t 1

VPP

 R rtVPP   
 stage of energy market. In DAM, VPP still calculates bidding
Max  T m1,m 2...  (6) strategies based on predicted renewable energy output,

 
 t 1 i 1 
      G up G  down  
C pi ,t  ri ,t  C pi ,t  ri ,t  C p i ,t  ri ,t  ci ,t  ci ,t
G G ESS ESS DR DR
  electricity price, load forecasting, etc. After the market
m1 m2 m3 clearing, day-ahead optimal scheduling is over. VPP's
pVPP
t
  piG,t   piESS
,t
  piDR
,t
(7) strategy in IM usually falls into two categories. The first type
i 1 i 1 i 1
m1 m2 m3
is the continuation of the strategy in the DAM， just like
rtVPP   riG,t   ri ESS
,t
  ri DR
,t
(8) [16], the optimization time range is from the coming moment
i 1 i 1 i 1 to the end of IM, and time resolution is still one hour, the
In the first type of objective function, we easily explore the optimization objective function is also maximization of total
tendency of each resource device to participating in which time range, what different to DAM bidding is decision
market, second function will display clearly the contribution variables are changed to superimposed power on the results
to each market from VPP and revenue of VPP from each of DAM clearing. With the continuous updating of forecast
market. information, the optimization results in the IM are more
accurate. The drawback of this modeling method is that the
As we all know, ASM generally contains RM, FRM and time resolution is too rough and lacking the feedback from
VRM，however, no matter which type of ASM VPP willing market, they can’t be able to make a response fast enough to
to participant in, the revenue and cost of VPP in day-ahead power flow changing of grid. The second type of VPP’s
market are always calculated by the bids based on capacity. strategy in IM is to try their best to follow bidding result to
Actually, in some market, the winner players would be avoid being punished. [17] choose to minimize the deviation
additionally paid for the power which is really called to between VPP’s output and bids in DAM among each
produce in intraday stage besides of revenue in day-ahead optimization interval which is 5 minutes. In order to make
bids. Nevertheless VPP, a participator of market, can’t know more precise scheduling results on the basis of constantly
when and how much energy will be called in reality, leading updating forecast information, Model predictive control
to the uncertainty of actual subsidy. A common solution is (MPC) is applied in this literature, MPC is a very effective
neglecting cost of this part, just like [15], in which actual method to reflect real time operation situation of grid and
power be called is considered to very small. Another way is predicted information to VPP operator, detail process of
to use statistical methods to fit the average cost of the actual MPC will be illustrated in next part.
power called in intraday stage and the volume of the bid in
day-ahead stage into a function using historical data, details In addition to participating in the energy market during
can be found in [21], for this kind of method, the cost item in intraday stage, VPP also needs to complete ancillary services
(5)(6) for ASM will be replaced by fitting function. within the day, for instance frequency regulation and voltage
regulation. As we all know, the FR tasks are traditionally
For constraint conditions in DA-EM-ASM, there are implemented by specialized power plants which are easier to
usually (a) Supply-Demand balancing constraints, (b) control output. Now, the emergence of VPP provides
operation constraints of each energy device, (c) Start-stop opportunities for distributed generation and renewable
constraints of traditional power generation equipment. What energy which are not easy to dispatch to participate in grid
is different to the bidding strategy in just EM is that output FR process. However, for frequency of the grid changes very
variables of each device should be the summation of power quickly, the deviation of the grid frequency can be
to EM and ASM. accumulated to the critical value (49.8 HZ or 50.2HZ in
china) in a very short time. Therefore, in order to participate
iii. Day-ahead Market and Intraday Market in the FR process, VPP must be able to schedule resources
very flexibly, and be able to scroll to assign FR tasks. VPP
participating in FR market and providing FR service are
usually divided into two stages. In DAM, VPP operator
should bid in EM and ASM simultaneously according to
their demand and predicted information, general model is
illustrated in (6)(7)(8). After market clearing, VPP will
receive a series of  pt ,rt  pairs for each hour of next day,
VPP VPP
VPP
pt stands for energy offer in EM, and
service offer in ASM by VPP. Then, in IM, VPP not only
supply power to grid, but also provides FR service for the
market. In order to response to the frequency deviation of
power grid in real time, VPP needs to receive the regulation
service commands or AGC signal from the market in a short
fixed period and then make the scheduling plan. Therefore,
the MPC method is applied to solve this problem in [21]. The
MPC process can be illustrated briefly as below.
Fig. 1. MPC Execution Process of VPP
The general typical model is like this.
T
Minimize P
h 0
t arg et
t h
pttargh et  p VPP
 rtVPP * AGCt h
t optimization range, time resolution and the target VPP
preality
t h   p G
i ,t  h  p ESS
i ,t  h  p
Control center in [21] is aimed at following AGC signal
which is a decimal value from -1 to 1 issued by market
operator in each optimization cycle. In order to avoid the
transmission delay of AGC signal, a prediction module is
employed to predict next T steps AGC signal by historical
data, after optimization procedure performing, only the first
step result will be applied. And [22] analyzes a decision tree
method to dispatch a reduction of active power for VPP to
support the mitigation of over-frequency, which also
consider the double-auction bidding. [23] develop a
algorithmic framework to emulate VPP to adjust the output
power of individual DERs to track the power setpoints at
feeder head, in which VPP can timely make a response to
frequency deviation of network. All in all, participating in
DAM and IM simultaneously and responding to the situation
signal from grid will benefit for VPP to offer better service.
IV. A NOVEL VIRTUAL POWER PLANT-MVPP
With rapid development of IES [18] in recent years, a
novel type of VPP, namely Multi-energy virtual plant
(MVPP), are attracting people’s attention. This new concept
can integrate different forms of energy, for instance, thermal
energy and natural gas, rather than just considering the
management of electricity. [20] have introduced the concept
and structure of MVPP for the first time, and verified
economics of MVPP participating in the energy market.
Comparing with conventional VPP structure, involves
VPP more various forms of energy including electricity and heat
rt stands for
energy. For electricity supply network, photovoltaic power
plant (PPP), the Utility, CHP Unit and discharge of ESS will
provide electricity, and for heat network, heat from CHP,
Gas Boiler (GB) and Heat Storage System (HSS) discharge
will supply heat energy. Heat and electricity system in this
article are combined together by two coupling devices to
meat two types of energy demand simultaneously in MVPP.
There is a Plant Operator (PO) which is responsible for
monitoring and controlling the operation of power and heat
system and settling cost and benefit with Utility and Gas
Company to gain profit.
Through a test numerical example from an industry park
in reality, the bidding strategy of MVPP is valid to be
effective, combined operation expands the space for
renewable energy consumption. And volatility of
photovoltaic power generation is alleviated by
complementary operation of the heat and electricity network.
V. CONCLUSION
After summing up numerous studies about VPP, based
on the introduction of origin and development of the concept
of VPP, this article has conducted a review of VPP's
 Pt reality
h (9) participation in different types of markets. Different types of
basic market have been shown in the list which include
(10)
DR
i ,t  h   Li ,t h  (11) participate for. Then three types of combined market is
carefully analyzed which contain the market mechanism,
target of VPP and general optimization model. In the end, a
novel VPP, multi-energy virtual power plant is described in
detail, which may be a rising research direction with the
emergency of integrated energy system.
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