PROJECT TITLE :

A Dynamic Market Mechanism for the Integration of Renewables and Demand Response

ABSTRACT:

The most formidable challenge in assembling a good grid is the integration of a high penetration of renewables. Demand response (DR), a largely promising concept, is increasingly mentioned as a means that to cope with the intermittent and unsure renewables. In this paper, we have a tendency to propose a dynamic market mechanism (DMM) that reaches the market equilibrium through continuous negotiations between key market players. As well as incorporating renewables, this market mechanism also incorporates a quantitative taxonomy of DR devices, primarily based on the inherent magnitude, runtime, and integral constraints of demands. The DMM is evaluated on an IEEE 118 bus system, a high-fidelity simulation model of the midwestern U.S. power grid. The results show how the proposed mechanism will be utilized to work out combinations of DR devices in the presence of intermittent and uncertain renewables with varying levels of penetration therefore as to result in a desired level of social welfare.