Flexibility quantification and pricing of household heat pump and combined heat and power unit

Stability of the electricity grid is highly dependent on the grid frequency which is presently controlled by applying balancing power from large power plants and pumped-storage facilities. Due to the increasing percentage of renewable energy, the capacity of available balancing power becomes insufficient and an alternative needs to be proposed. In the recent years, there has been a growing interest shown to offer flexibility from the household facilities to solve the stability problems in the grid. However, there is still uncertainty in defining the flexibility offers and pricing for a flexibility market. To meet this research gap, this paper presents a novel approach to quantify the flexibility potential and calculate flexibility offers for heat pump and combined heat and power unit. The results are summarized in a unique format, which can be directly used for trading in the flexibility platform.