KIEE - The Transactions of the Korean Institute of Electrical Engineers

1

A. F. Minai, A. A. Khan, Kitmo, M. F. Ndiaye, T. Alam, R. Khargotra, T. Singh, "Evolution and role of virtual power plants: Market strategy with integration of renewable based microgrids," Energy Strategy Reviews, vol. 53, 2024.

2

Y. Zhong, L. Ji, C. Q. Wang, "Discussion of domestic VPP development trend and comparison of domestic and foreign VPP development models and characteristics," pp. 604-609, 2024 IEEE 7th International Electrical and Energy Conference (CIEEC). IEEE, 2024.

3

K. Dietrich, J. M. Latore, L. Olmos, A. Ramos, "Modelling and assessing the impacts of self supply and market-revenue driven Virtual Power Plants," Electric Power Systems Research, vol. 119, pp. 462-470, 2015.

4

L. Yan, X. Zhang, Z. Ullah, H. S. Qazi, H. M. Hasanien, "A novel solution strategy for scheduling optimization of virtual power plant considering multiple participants and Peak Energy Market," Renewable Energy, vol. 250, 2025.

5

J. Feng, L. Ran, Z. Wang, M. Zhang, "Optimal energy scheduling of virtual power plant integrating electric vehicles and energy storage systems under uncertainty," Energy, vol. 309, 2024.

6

X. Yan, C. Gao, H. Jiang, B. Francois, "Multi-objective optimization and profit allocation of virtual power plant considering the security operation of distribution networks," Journal of Energy Storage, vol. 89, 2024.

7

S. Mei, Q. Tan, A. Trivedi, D. Srinivasan, "A two-step optimization model for virtual power plant participating in spot market based on energy storage power distribution considering comprehensive forecasting error of renewable energy output," Applied Energy, vol. 376, 2024.

8

Y. Song, Y. Chu, Y. Yoon, Y. Jin, "Virtual Power Plant Bidding Strategies in Pay-as-Bid and Pay-as-Clear Markets: Analysis of Imbalance Penalties and Market Operations," Energies, vol. 18, no. 6, 2025.

9

J. Feng, L. Ran, Z. Wang, M. Zhang, "Optimal bidding strategy for virtual power plant in multiple markets considering integrated demand response and energy storage," Journal of Energy Storage, vol. 124, 2025.

10

Y. Wu, J. Wu, G. De, "Research on trading optimization model of virtual power plant in medium-and long-term market," Energies, vol. 15, no. 3, 2022.

11

A. H. Elgamal, M. Shahrestani, M. Vahdati, "Simultaneous sizing and energy management of multi-energy Virtual Power Plants operating in regulated energy markets," International Journal of Electrical Power & Energy Systems, vol. 161, 2024.

12

Y. Wang, W. Gao, F. Qian, Y. Li, "Evaluation of economic benefits of virtual power plant between demand and plant sides based on cooperative game theory," Energy Conversion and Management, vol. 238, 2021.

13

A. A. R. Mohamed, R. J. Best, X. Liu, D. J. Morrow, J. Pollock, A. Cupples, "Stacking battery energy storage revenues in future distribution networks," IEEE Access, vol. 10, pp. 35026-35039, 2022.

14

W. Nafkha-Tayari, S. B. Elghali, E. Heydarian-Forushani, M. Benbouzid, "Virtual power plants optimization issue: A comprehensive review on methods, solutions, and prospects," Energies, vol. 15, no. 10, 2022.

15

V. Hann, "Transition to decentralised electricity storage: the complexities of consumer decision-making and cost-benefit analyses," Energy Policy, vol. 147, 2020.

16

R. Gao, D. Li, D. Zhang, "An AI Agent for Techno-Economic Analysis of Anaerobic Co-Digestion in Renewable Energy Applications," Energies, vol. 18, no. 21, 2025.

17

"General Guidelines for Conducting Preliminary Feasibility Studies, MOEF Directive No. 63, Article 50," Ministry of Economy and Finance (MOEF), 2026.

18

L. Migliari, D. Cocco, M. Petrollese, "Levelized cost of storage (LCOS) of battery energy storage systems (BESS) deployed for photovoltaic curtailment mitigation," Energies, vol. 18, no. 14, 2025.

19

Fraunhofer Institute for Solar Energy Systems ISE, "Levelized Cost of Electricity—Renewable Energy Technologies," Fraunhofer Institute for Solar Energy Systems ISE, Freiburg, Germany, 2024.

20

Korea Energy Economics Institute, "A Study on the LCOS Outlook and the Establishment of the Optimal Mix for the Realization of efficient Carbon Neutrality (2/3)," 2025.

21

H. Y. Park, S. Y. Park, S. Y. Son, "Cost Estimation Model for Introduction to Virtual Power Plants in Korea," The Journal of Korea Institute of Information, Electronics, and Communication Technology, vol. 15, no. 2, pp. 178-188, 2022.

KIEEThe Transactions of
the Korean Institute of Electrical Engineers

The Transactions of the Korean Institute of Electrical Engineers

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KIEEThe Transactions ofthe Korean Institute of Electrical Engineers