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Background

When making various decisions like flex-offer acceptance, it is important to understand what the value behind this flex-offer is and how it can help in achieving the BRP business goals. In the case of closed contracts, the value is represented directly and unambiguously because each such contract has fixed parameters for its price, amount and time. In contrast, flex-offers specify these parameters as ranges and therefore the value of a flex-offer depends on how and when the flexibilities will be fixed. In this case, the value of a flex-offer depends also on is flexibilities and the task is how to quantify flexibilities (ranges) by representing them the as a concrete value like price.

Flexibilities are considered a time resource as opposed to real resources like price or energy amount. Owning a flex-offer means not only owning some energy but also having the right to choose the time when this energy will be consumed or produced. In other words, possessing a time resource means that the BRP has a possibility to change the distribution of energy consumption or production in time. More specifically, the BRP has time for scheduling and rescheduling available flex-offers by influencing its mismatch as a response to changing conditions. The main question is how this time resource or flexibilities represented by a flex-offer can be represented in terms of real values such as energy price.

Energy Flexibilities

There exist different time resources which are represented by different flex-offer parameters. For example, a flex-offer might have large flexibility interval but zero energy flexibility. Since flex-offers have several types of flexibilities, their valuation is broken into the following independent functions:

  • Time to assignment flexibility describes how much time is available for scheduling this flex-offer. More time for assignment means higher value of the flex-offer.
  • Flexibility interval describes the range within which scheduling is possible. Higher ranges mean higher value of the flex-offer.
  • Energy flexibility describes the range within which the energy amount can be varied. Larger energy intervals mean higher value of the flex-offer. 
For each of these flexibilities there is a function which returns its price. The conversion is formally performed via a monotonic function which with some limits along x (flexibility) and y (price) axes. An example of such a function used for converting flexibility in assignment into price is shown in the figure below.
flexibility_price.gif


Flexibility Price

The final flex-offer price is computed as a weighted sum of the prices of threes three flex-offer flexibilities. For example, a flex-offer could have 0.5 ct/kWh price for time to assignment flexibility, 1 ct/kWh for its flexibility interval and 1.5 ct/kWh for its energy flexibility. In the case of equal weights, the final price of this flex-offer is 3 ct.

The price of flexibilities is used for decision making. In particular, it can be used for flex-offer acceptance where only flex-offers with high enough flexibilities are accepted. An alternative (traditional) acceptance procedure is based on accepting flex-offers with high enough (for consumption) or low enough (for production) electricity price. Flexibilities are also used by the price setting module to compute the final electricity price for the prosumer. For example, the price of flexibility could be provided as a price bonus in order to encourage prosumers to issue more flexible flex-offers.

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