Review of Energy Portfolio Optimization in Energy Markets Considering Flexibility of Power-to-X

Power-to-X is one of the most attention-grabbing topics in the energy sector. Researchers are exploring the potential of harnessing power from renewable technologies and converting it into fuels used in various industries and the transportation sector. With the current market and research emphasis on Power-to-X and the accompanying substantial investments, a review of Power-to-X is becoming essential. Optimization will be a crucial aspect of managing an energy portfolio that includes Power-to-X and electrolysis systems, as the electrolyzer can participate in multiple markets. Based on the current literature and published reviews, none of them adequately showcase the state-of-the-art optimization algorithms for energy portfolios focusing on Power-to-X. Therefore, this paper provides an in-depth review of the optimization algorithms applied to energy portfolios with a specific emphasis on Power-to-X, aiming to uncover the current state-of-the-art in the field.