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The rising share of volatile renewable generation increases the demand forflexibility in the electricity grid. Flexible capacity can be offered byindustrial energy systems through participation on either the continuousintraday, day-ahead, or balancing-power markets. Thus, industrial energysystems face the problem of where to market their flexible capacity. Here, wepropose a method to integrate trading on the continuous intraday market into amulti-market optimization for flexible industrial energy systems. To estimatethe intraday market revenues, we employ option-price theory. Subsequently, amulti-stage stochastic optimization determines an optimized bidding strategyand allocates the flexible capacity. The method is applied to a case study of amulti-energy system showing that coordinated bidding in all three consideredmarkets reduces cost most. A sensitivity analysis for the intraday marketvolatility reveals changing market preferences, thus emphasizing the need formulti-market optimization. The proposed method provides a practicaldecision-support tool in short-term electricity and balancing-power markets.

Where to Market Flexibility? Optimal Participation of Industrial Energy  Systems in Balancing-Power, Day-Ahead, and Continuous Intraday Electricity  Markets