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Most literature surrounding optimal bidding strategies for aggregators inEuropean day-ahead market (DAM) considers only hourly orders. While other ordertypes (e.g., block orders) may better represent the temporal characteristics ofcertain sources of flexibility (e.g., behind-the-meter flexibility), theincreased combinations from these orders make it hard to develop a tractableoptimization formulation. Thus, our aim in this paper is to develop a tractableoptimal offering strategy for flexibility aggregators in the European DAM(a.k.a. Elspot) considering these orders. Towards this, we employ a price-basedmechanism of procuring flexibility and place hourly and regular block orders inthe market. We develop two mixed-integer bi-linear programs: 1) a brute forceformulation for validation and 2) a novel formulation based on logicalconstraints. To evaluate the performance of these formulations, we proposed ageneric flexibility model for an aggregated cluster of prosumers that considersthe prosumers' responsiveness, inter-temporal dependencies, and seasonal anddiurnal variations. The simulation results show that the proposed modelsignificantly outperforms the brute force model in terms of computation speed.Also, we observed that using block orders has potential for profitability of anaggregator.

Optimal offering strategy for an aggregator across multiple products of European day-ahead market