Journal article · Ahead of Print article
Optimal Offering and Operating Strategy for a Large Wind-Storage System as a Price Maker
Tsinghua University1
Department of Electrical Engineering, Technical University of Denmark2
Center for Electric Power and Energy, Centers, Technical University of Denmark3
Energy Analytics and Markets, Center for Electric Power and Energy, Centers, Technical University of Denmark4
Southern Methodist University5
Wind farms and energy storage systems are playing increasingly more important roles in power systems, which makes their offering non-negligible in some markets. From the perspective of wind farm-energy storage systems (WF-ESS), this paper proposes an integrated strategy of day-ahead offering and real-time operation policies to maximize their overall profit.
As participants with large capacity in electricity markets can influence cleared prices by strategic offering, a large scaled WFESS is assumed to be a price maker in day-ahead markets. Correspondingly, the strategy considers influence of offering quantity on cleared day-ahead prices, and adopts linear decision rules as the real time control strategy.
These allow enhancing overall profits from both day-ahead and balancing markets. The integrated price-maker strategy is formulated as a stochastic programming problem, where uncertainty of wind power generation and balancing prices are taken into account in the form of scenario sets, permitting to reformulate the optimization problem as a linear program.
Case studies validate the effectiveness of the proposed strategy by highlighting and quantifying benefits comparing with the price-taker strategy, and also show the profit enhancement brought to the distributed resources
| Language: | English |
|---|---|
| Publisher: | IEEE |
| Year: | 2017 |
| Pages: | 4904-4913 |
| ISSN: | 15580679 and 08858950 |
| Types: | Journal article and Ahead of Print article |
| DOI: | 10.1109/TPWRS.2017.2681720 |
| ORCIDs: | Pinson, Pierre |
Electricity markets Energy storage system Linear decision rules Offering strategy Price-maker strategy Wind farm
Electricity supply industry Energy storage Generators Optimization Power systems Real-time systems Wind farms balancing markets balancing prices cleared day-ahead prices day-ahead markets day-ahead offering electricity markets energy storage energy storage system integrated price-maker strategy linear decision rules linear programming offering strategy operating strategy optimization problem power markets power systems price maker price-maker strategy price-taker strategy profit enhancement real-time control strategy real-time operation policies scaled WF-ESS stochastic programming stochastic programming problem wind farm wind farm-energy storage systems wind farms wind power generation wind power plants
