ESPO is honored to announce that an interesting book

ESPO is honored to announce that an interesting book entitled “Virtual Power Plants and Electricity Markets: Decision Making Under Uncertainty” has been published in Springer. This achievement is the result of international collaboration between Dr. Luis Baringo, Associate Professor at Universidad de Castilla-La Mancha, Spain, and Dr. Morteza Rahimiyan who is the director of ESPO, Shahrood University of Technology, Iran.

In response to climate change and decarborization, there is a strong motivation to use renewable energy in energy sector. However, the variability of renewable energy production and uncertainties associated with the electricity markets impose technical and financial risks, and thus limit the applications of such clean technologies. The concept of virtual power plant can be a good solution to this issue, and can ease the entrance of renewable investors. The virtual power plant is defined as a set of generation and consumption assets operated as a single entity. This way, a higher efficiency of available energy assets can be realized.

To this end, this book provides practical mathematical tools for operation and planning of virtual power plants participating in different electricity markets. The chapters address in-depth topics such as: optimization, market power, expansion, and modelling uncertainty in operation and planning problems of virtual power plants. The book provides an up-to-date description of decision-making tools to address challenging questions faced by virtual power plants such as:

• How can virtual power plants optimize their participation in electricity markets?
• How can a virtual power plant exercise market power?
• How can virtual power plants be optimally expanded?
• How can uncertainty be efficiently modelled in the operation and planning problems of virtual power plants?

The book is written in a tutorial style and modular format, and encompasses many illustrative examples to facilitate comprehension. It is intended for a diverse audience including advanced undergraduate and graduate students in the fields of electric energy systems, operations research, and economics. Practitioners in the energy sector will also benefit from the concepts and techniques presented in this book. In particular, this book:

• Provides students with the GAMS codes to solve the examples in the book;
• Provides a basis for the formulation of decision-making problems under uncertainty;
• Contains a blend of theoretical concepts and practical applications that are developed as working algorithms.

For further information, ESPO kindly refers the interested readers to Springer website as below:

https://link.springer.com/book/10.1007/978-3-030-47602-1?noAccess=true