Virtual Power Plant Bidding Model in Multi-type Electricity Market Taking Into Account Electric Vehicles and Demand Response

A three-stage bidding process of virtual power plant (VPP) for participating in bilateral contract market, day-ahead market (DAM), real-time market (RTM) and balancing market was presented and a three-phase VPP bidding model consisting of electric vehicle (EV) and demand response (DR) was established. In this model, charging and discharging management for each EV was considered and DR was divided into price-based and incentive-based DRs. In the first stage, bilateral contract is signed and DAM bidding strategy is decided. In the second stage, RTM bidding strategy for each hour of day is decided. In the third stage, output deviation of renewable energy is balanced by balancing market and VPP is charged for it. Simulation results showed that in this model individual EV and DR were controlled effectively and VPP cost was reduced.