Optimal Bidding of a Group of Wind Farms in Day-Ahead Markets Through an External Agent

In deregulated electricity markets, producers offer their energy to the day-ahead market. As the subsidies for renewable producers are becoming lower and lower, they have to adapt to market prices. This paper models the energy trading in the day-ahead market for wind power producers. Different strat...

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Vydáno v:IEEE transactions on power systems Ročník 31; číslo 4; s. 2688 - 2700
Hlavní autoři: Guerrero-Mestre, Victoria, Sanchez de la Nieta, Agustin A., Contreras, Javier, Catalao, Joao P. S.
Médium: Journal Article
Jazyk:angličtina
Vydáno: New York IEEE 01.07.2016
The Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Témata:
Conditional Value at Risk (CVaR)
day-ahead market
Deregulation
Electric utilities
Electricity distribution
Electricity supply industry
energy trading
external agent
imbalances
Integrated circuit modeling
Joints
Linear programming
Markets
Mixed integer
Optimization
Risk
stochastic mixed integer linear programming
Strategy
Subsidies (financial)
Wind farms
Wind forecasting
Wind power
Wind power generation
ISSN:0885-8950, 1558-0679
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Shrnutí:In deregulated electricity markets, producers offer their energy to the day-ahead market. As the subsidies for renewable producers are becoming lower and lower, they have to adapt to market prices. This paper models the energy trading in the day-ahead market for wind power producers. Different strategies are proposed for this purpose: 1) several wind farms offering their energy separately to the day-ahead market; 2) the same strategy as in 1) but compensating the imbalance among different wind farms; and 3) a joint offer involving several wind farms through an external agent in order to minimize the imbalances between the offer and the final power generation. The strategies are modeled with stochastic mixed integer linear programming and Conditional Value at Risk is used to consider the risk assessment. The expected profit including risk aversion is maximized for each wind power producer and for the set of wind power producers in the case of a joint offer. A comparison of the different cases is described in detail in a case study and relevant conclusions are provided.
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ISSN:0885-8950
1558-0679
DOI:10.1109/TPWRS.2015.2477466