Electricity price is a crucial element for market players to maximize their profits. In this context, the forecast of the hour-ahead, day-ahead, and week-ahead electricity prices play a crucial role. The more accurate the prediction is, the lower the market risk is. In this paper, several machine learning algorithms (Support Vector Machine, Gaussian Processes Regression, Regression Trees, and Multi-Layer Perceptron) with different structures have been adopted to forecast Italian wholesale electricity prices. Considering different time horizons (hourly, daily, and weekly), their performances have been compared through several performance metrics, including Mean Absolute Error (MAE), R-index, Mean Absolute Percentage Error (MAPE), and the number of anomalies in which the forecast error passes a threshold. The investigation reveals that, in general, SVM and Tree-based models outperform other models at different time horizons.

Following restructuring of power industry, electricity supply to end-use customers has undergone fundamental changes. In the restructured power system, some of the responsibilities of the vertically integrated distribution companies have been assigned to network managers and retailers. Under the new situation, retailers are in charge of providing electrical energy to electricity consumers who have already signed contract with them. Retailers usually provide the required energy at a variable price, from wholesale electricity markets, forward contracts with energy producers, or distributed energy generators, and sell it at a fixed retail price to its clients. Different strategies are implemented by retailers to reduce the potential financial losses and risks associated with the uncertain nature of wholesale spot electricity market prices and electrical load of the consumers. In this paper, the strategic behavior of retailers in implementing forward contracts, distributed energy sources, and demand-response programs with the aim of increasing their profit and reducing their risk, while keeping their retail prices as low as possible, is investigated. For this purpose, risk management problem of the retailer companies collaborating with wholesale electricity markets, is modeled through bi-level programming approach and a comprehensive framework for retail electricity pricing, considering customers’ constraints, is provided in this paper. In the first level of the proposed bi-level optimization problem, the retailer maximizes its expected profit for a given risk level of profit variability, while in the second level, the customers minimize their consumption costs. The proposed programming problem is modeled as Mixed Integer programming (MIP) problem and can be efficiently solved using available commercial solvers. The simulation results on a test case approve the effectiveness of the proposed demand-response program based on dynamic pricing approach on reducing the retailer’s risk and increasing its profit.

Digital Twin (DT) technology has emerged as a valuable tool for researchers and engineers, enabling them to optimize performance and enhance system efficiency. This paper presents a comprehensive Systematic Literature Review (SLR) following the PRISMA framework to explore current applications of DT technology in the power generation sector while highlighting key advancements. A new framework is developed to categorize DTs in terms of time-scale horizons and applications, focusing on power plant types (emissive vs. non-emissive), operational behaviors (including condition monitoring, predictive maintenance, fault detection, power generation prediction, and optimization), and specific components (e.g., power transformers). The time-scale is subdivided into a six-level structure to precisely indicate the speed and time range at which it is used. More importantly, each category in the application is further subcategorized into a three-level framework: component-level (i.e., fundamental physical properties and operational characteristics), system-level (i.e., interaction of subsystems and optimization), and service-level (i.e., value-adding service outputs). This classification can be utilized by various parties, such as stakeholders, engineers, scientists, and policymakers, to gain both a general and detailed understanding of potential research and operational gaps. Addressing these gaps could improve asset longevity and reduce energy consumption and emissions.

With the advent of restructuring in the power industry, the conventional unit commitment problem in power systems, involving the minimization of operation costs in a traditional vertically integrated system structure, has been transformed to the profit-based unit commitment (PBUC) approach, whereby generation companies (GENCOs) perform scheduling of the available production units with the aim of profit maximization. Generally, a GENCO solves the PBUC problem for participation in the day-ahead market (DAM) through determining the commitment and scheduling of fossil-fuel-based units to maximize their own profit according to a set of forecasted price and load data. This study presents a methodology to achieve optimal offering curves for a price-taker GENCO owning compressed air energy storage (CAES) and concentrating solar power (CSP) units, in addition to conventional thermal power plants. Various technical and physical constraints regarding the generation units are considered in the provided model. The proposed framework is mathematically described as a mixed-integer linear programming (MILP) problem, which is solved by using commercial software packages. Meanwhile, several cases are analyzed to evaluate the impacts of CAES and CSP units on the optimal solution of the PBUC problem. The achieved results demonstrate that incorporating the CAES and CSP units into the self-scheduling problem faced by the GENCO would increase its profitability in the DAM to a great extent.

Due to their complicated dynamics coupled with kinematics and non-holonomic underactuated behavior, spherical robots cannot unveil their full maneuverability when linear controllers are applied. Because of that, position and trajectory tracking of spherical robots have been the main challenges recently tackled in the literature. In this paper, two controllers are introduced to provide the effective path following of a 2-DOF spherical robot. A sliding mode controller (SMC) and a fuzzy sliding mode controller (FSMC) are designed and compared. The Lyapunov stability theorem is employed to analyze the stability of the controller and the tracking error. The simulation results indicate that the spherical robot controlled by the proposed methods is capable of moving to a desired point from any given initial point with minimum tracking error.