Optimization of static wind power investment in the Australian national electricity market

This paper studies the Australian market conditions and subsidies in place to promote the growth of wind power through the use of a stochastic linear programming model. This model optimizes the profit obtained for a static investment based on a variety of wind and price scenarios. It is subject to d...

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Vydané v:2015 IEEE PES Asia-Pacific Power and Energy Engineering Conference (APPEEC) s. 1 - 5
Hlavní autori: Forsyth, Sebastian, Mahmoudi, Nadali, Saha, Tapan
Médium: Konferenčný príspevok..
Jazyk:English
Vydavateľské údaje: IEEE 01.11.2015
Predmet:
Australia
Australian National Electricity Market
Decision support systems
Investment
Linear programming
optimization methods
planning
Reactive power
renewable energy target
Stochastic processes
stochastic programming
wind generation
Wind power generation
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Shrnutí:This paper studies the Australian market conditions and subsidies in place to promote the growth of wind power through the use of a stochastic linear programming model. This model optimizes the profit obtained for a static investment based on a variety of wind and price scenarios. It is subject to different constraints which focus on the amount of initial capital injected by an investor, selling power through a Power Purchase Agreement (PPA) or using the Market Clearing Price (MCP). The Conditional Value-at-risk (CVaR) risk is also considered in this model to assist in differentiating between a risk-neutral and risk-averse investor. This has been evaluated for Portland on the coast of Victoria, Australia, using current data.
DOI:10.1109/APPEEC.2015.7381014