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Virtual power plants (VPPs) are an effective platform for attracting private investment and customer engagement to speed up the integration of green renewable resources. In this paper, a robust bidding strategy to participate in both energy and ancillary service markets in the wholesale electricity market is proposed for a realistic VPP in Western Australia. The strategy is accurate and fast, so the VPP can bid in a very short time period. To engage customers in the demand management schemes of the VPP, the gamified approach is utilized to make the exercise enjoyable while not compromising their comfort levels. The modelling of revenue, expenses, and profit for the load-following ancillary service (LFAS) is provided, and the effective bidding strategy is developed. The simulation results show a significant improvement in the financial indicators of the VPP when participating in both the LFAS and energy markets. The payback period can be improved by 3 years to the payback period of 6 years and the internal rate of return (IRR) by 7.5% to the IRR of 18% by participating in both markets. The accuracy and speed of the proposed bidding strategy method is evident when compared with a mathematical method. [ABSTRACT FROM AUTHOR]

Virtual Power Plants (VPPs) are efficient structures for attracting private investment, increasing the penetration of renewable energy and reducing the cost of electricity for consumers. It is expected that the number of VPPs will increase rapidly as their financial return is attractive to investors. VPPs will provide added value to consumers, to power systems and to electricity markets by contributing to different services such as the energy and load-following services. One of the capabilities that will become critical in the near future, when large power plants are retired, is grid-forming capability. This review paper introduces the concept of grid-forming VPPs along with their corresponding technologies and their advantages for the new generation of power systems with many connected VPPs. [ABSTRACT FROM AUTHOR]

To integrate large-scale renewable energy into energy systems, an effective participation from private investors and active customer engagement are essential. Virtual power plants (VPPs) are a very promising approach. To realize this engagement, an efficient monitoring and control system needs to be implemented for the VPP to be flexible, scalable, secure, and cost-effective. In this paper, a realistic VPP in Western Australia is studied, comprising 67 dwellings, including a 810 kW rooftop solar photovoltaic (PV) system, a 700 kWh vanadium redox flow battery (VRFB), a heat pump hot water system (HWS), an electric vehicle (EV) charging station, and demand management mechanisms. The practical and detailed concept design of the monitoring and control system for EEBUS-enabled appliances, and also for the PV and VRFB system, with smart inverters, is proposed. In addition, a practical fog-based storage and computing system is developed to enable the VPP owner to manage the PV, VRFB, and EV charging station for maximizing the benefit to the customers and the VPP owner. Further, the proposed cloud-based applications enable customers to participate in gamified demand response programs for increasing the level of their engagement while satisfying their comfort level. All proposed systems and architecture in this paper have the capability of being implemented fully and relevant references for practical devices are given where necessary. [ABSTRACT FROM AUTHOR]

Achieving the renewable energy integration target will require the extensive engagement of consumers and the private sector in investment and operation of renewable-based energy systems. Virtual power plants are an efficient way to implement this engagement. In this paper, the detailed costs and benefits of implementing a realistic virtual power plant (VPP) in Western Australia, comprising 67 dwellings, are calculated. The VPP is designed to integrate and coordinate rooftop solar photovoltaic panels (PV), vanadium redox flow batteries (VRFB), heat pump hot water systems (HWSs), and demand management mechanisms. An 810-kW rooftop solar PV system is designed and located using the HelioScope software. The charging and the discharging of a 700-kWh VRFB are scheduled for everyday use over a year using an optimization algorithm, to maximize the benefit of it for the VPP owners and for the residents. The use of heat pump HWSs provides a unique opportunity for the residents to save energy and reduce the total cost of electricity along with demand management on some appliances. The cost-and-benefit analysis shows that the cost of energy will be reduced by 24% per dwelling in the context of the VPP. Moreover, the internal rate of return for the VPP owner is at least 11% with a payback period of about 8.5 years, which is a promising financial outcome. [ABSTRACT FROM AUTHOR]