A frequency-domain analysis of electricity market prices for multi-timescale flexibility of Power-to-X facilities

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Abstract

Power-to-X facilities can operate flexibly at different timescales, from yearly to hourly resolutions. Load profiles of grid-connected facilities can therefore be adjusted based on electricity market price variations at these different timescales. This raises the question of which timescales to prioritise in load profile scheduling, and whether load profiles simultaneously planned across multiple timescales can increase savings. This paper evaluates the financial benefits of multi-timescale flexibility in the context of a PtX facility adjusting its load profile to price variations in the Nordic day-ahead electricity spot market. Electricity market price variations are analysed in the frequency domain using the Fourier transform of price signals. Results show that market prices are characterised by specific frequencies over which price variations are particularly strong. By adjusting loads to these different frequencies, savings compared to the baseload are achieved and are significantly improved when multiple frequencies are considered at the same time.

Original languageEnglish
Title of host publication2022 18th International Conference on the European Energy Market (EEM)
Number of pages6
PublisherIEEE
Publication date2022
ISBN (Electronic)9781665408967
DOIs
Publication statusPublished - 2022
Event18th International Conference on the European Energy Market, EEM 2022 - Ljubljana, Slovenia
Duration: 13. Sept 202215. Sept 2022

Conference

Conference18th International Conference on the European Energy Market, EEM 2022
Country/TerritorySlovenia
CityLjubljana
Period13/09/202215/09/2022
SeriesInternational Conference on the European Energy Market, Proceedings
Volume2022-September
ISSN2165-4077

Keywords

  • Frequency-domain analysis
  • Market price variability
  • Market-based demand response
  • Multi-timescale flexibility
  • Power-to-X flexibility

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