TY - GEN
T1 - A frequency-domain analysis of electricity market prices for multi-timescale flexibility of Power-to-X facilities
AU - Fatras, Nicolas
AU - Ma, Zheng
AU - Jorgensen, Bo Norregaard
PY - 2022
Y1 - 2022
N2 - 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.
AB - 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.
KW - Frequency-domain analysis
KW - Market price variability
KW - Market-based demand response
KW - Multi-timescale flexibility
KW - Power-to-X flexibility
U2 - 10.1109/EEM54602.2022.9921165
DO - 10.1109/EEM54602.2022.9921165
M3 - Article in proceedings
AN - SCOPUS:85141211871
T3 - International Conference on the European Energy Market, Proceedings
BT - 2022 18th International Conference on the European Energy Market (EEM)
PB - IEEE
T2 - 18th International Conference on the European Energy Market, EEM 2022
Y2 - 13 September 2022 through 15 September 2022
ER -