Short-Term Trading for a Wind Power Producer

This paper presents a technique to derive the best offering strategy for a wind power producer in an electricity market that includes various trading floors. Uncertainty pertaining to wind availability, market prices at the different trading stages, and balancing energy needs are properly taken into...

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Bibliographic Details
Published in:IEEE transactions on power systems 2010-02, Vol.25 (1), p.554-564
Main Authors: Morales, J.M., Conejo, A.J., Perez-Ruiz, J.
Format: Article
Language:English
Subjects:
Availability
Computer programs
Conferences
Cost engineering
Costs
Electric power generation
Electricity supply industry
Linear programming
Markets
Optimal offering
Processor scheduling
Production
risk
Stochastic processes
stochastic programming
Strategy
Uncertainty
Wind energy
Wind farms
Wind power
Wind power generation
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Summary:This paper presents a technique to derive the best offering strategy for a wind power producer in an electricity market that includes various trading floors. Uncertainty pertaining to wind availability, market prices at the different trading stages, and balancing energy needs are properly taken into account. Risk on profit variability is suitably controlled at the cost of a small reduction in expected profit. The proposed technique translates into a linear programming problem of moderate size, which is readily solvable using commercially available software. A variety of numerical case studies demonstrate the interest and effectiveness of the proposed technique. Appropriate conclusions are duly drawn.
ISSN:0885-8950
1558-0679
DOI:10.1109/TPWRS.2009.2036810