Price-Based Unit Commitment With Wind Power Utilization Constraints

This paper proposes an optimal bidding strategy for independent power producers (IPPs) in the deregulated electricity market. The IPPs are assumed to be price takers, whose objectives are to maximize their profits considering price and wind power output uncertainties, while ensuring high wind power...

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Bibliographic Details
Published in:IEEE transactions on power systems 2013-08, Vol.28 (3), p.2718-2726
Main Authors: Wang, Qianfan, Wang, Jianhui, Guan, Yongpei
Format: Article
Language:English
Subjects:
Alternative energy sources
Chance constrains
Convergence
Electricity
Energy policy
Generators
mixed integer programming
price based unit commitment
Real-time systems
sample average approximation
Stochastic processes
stochastic programming
Studies
Uncertainty
Wind power
Wind power generation
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Summary:This paper proposes an optimal bidding strategy for independent power producers (IPPs) in the deregulated electricity market. The IPPs are assumed to be price takers, whose objectives are to maximize their profits considering price and wind power output uncertainties, while ensuring high wind power utilization. The problem is formulated as a two-stage stochastic price-based unit commitment problem with chance constraints to ensure wind power utilization. In our model, the first stage decision includes unit commitment and quantity of electricity submitted to the day-ahead market. The second stage decision includes generation dispatch, actual usage of wind power, and amount of energy imbalance between the day-ahead and real-time markets. The chance constraint is applied to ensure a certain percentage of wind power utilization so as to comply with renewable energy utilization regulations. Finally, a sample average approximation (SAA) approach is applied to solve the problem, and the computational results are reported for the proposed SAA algorithm showing the sensitivity of the total profit as the requirement of wind power utilization changes.
ISSN:0885-8950
1558-0679
DOI:10.1109/TPWRS.2012.2231968