Risk-Averse Aggregator of Controllable Loads as Virtual Battery Providing Multiple Services

Aggregators of controllable loads can offer flexibility services to different markets. The provision of multiple services to both energy and reserve markets can improve the economic viability of demand response and energy storage systems. In this paper, the day-ahead profit maximization of a risk-averse virtual battery operator providing multiple services is formulated as a MILP. The impact of different battery design parameters on the reserve provision and overall profitability is investigated. We show that power capacity has the highest impact on the profitability and reserve provision of the virtual battery, followed by energy capacity and grid connection limits.