Efficient Resource Allocation in Virtual Power Plant for Real-Time Energy Market Framework

The increasing evolution of the global energy landscape has made the adoption of distributed energy resources (DERs) and the emergence of virtual power plants (VPPs) crucial for the development of sustainable and efficient energy systems. This paper delves into the critical aspect of efficient DER coordination within VPPs, especially tailored to real-time market framework. The enhanced pelican optimization algorithm (enhanced POA), which is used in this paper, enhances the VPP's capacity to adjust to rapidly shifting energy demands and market dynamics. This effort attempts to build a complete framework that ensures economic feasibility while maximising efficiency by utilising the combined potential of diverse DERs, including storage systems and renewable energy sources. The paper compares the proposed resource allocation technique with other evolutionary algorithms and evaluate its performance in several case studies using thorough simulation and analysis. With a 8% decrease in energy expenses when compared to other algorithms, the results offer insightful information about optimizing VPP operations and provide a route toward a more adaptable, sustainable, and robust energy management system.