Combined hydro-wind generation bids in a pool-based electricity market

By Jorge L. Angarita, J. Usaola, Jorge Martínez-Crespo. 2009

117 citations recorded by the source corpus.

Present regulatory trends are promoting the direct participation of wind energy in electricity markets. The final result of these markets sets the production scheduling for the operation time, including a power commitment from the wind generators. However, wind resources are uncertain, and the final power delivered usually differs from the initial power committed. This imbalance produces an overcost in the system, which must be paid by those who produce it, e.g., wind generators among others. As a result, wind farm revenue decreases, but it could increase by allowing wind farms to submit their bids to the markets together with a hydro generating unit, which may easily modify its production according to the expected imbalance. This paper presents a stochastic optimization technique that maximizes the joint profit of hydro and wind generators in a pool-based electricity market, taking into account the uncertainty of wind power prediction.

Subfields: Electrical and Electronic Engineering

View Paper: https://www.semanticscholar.org/paper/a6ed4dea213a9d3e3ba727b9e72228e2909d303c

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In Electrical and Electronic Engineering

1. Ting Dai
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4. Guoqing Li
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Citations in the corpus

• Optimal bidding strategy of a strategic wind power producer in the short-term market (2015, background): “Another risk mitigation approach is based on a combined and coordinated use of wind power and energy storage or thermal units [7]–[10].”
• Coordinated Bidding Strategy of Wind Farms and Power-to-Gas Facilities Using a Cooperative Game Approach (2020, background): “Coordinated bidding of wind power with other resources is regarded as an effective way to mitigate wind power trading risks, such as energy storage [6], [12]–[15], thermal units [7], and hydro-power or pumped storage [16], [17].”