Valuation and Settlement of Power Electronics-based Flexible Loads: A Zhejiang Electricity Market Case Study

Abstract

As flexible power electronic equipment is gradually put into use on the load side, the load has become an important flexibility resource for the power system. The demand response market is the main platform for these resources to earn rewards. Currently, the Zhejiang demand response market is still in its infancy. The current demand response market mechanism in Zhejiang does not sufficiently reflect the value of flexible power electronic load participation in the demand response market. Based on the characteristics of the demand response market in Zhejiang province, we propose a market settlement mechanism for future large-scale flexible power electronic load participating in the Zhejiang demand response market. This model can effectively promote the healthy development of the demand response market in Zhejiang and improve the accuracy of demand response services.