Conference paper
Impact of Renewable Energy Forecast Imperfections on Market-Clearing Outcomes
Department of Electrical Engineering, Technical University of Denmark1
Center for Electric Power and Energy, Centers, Technical University of Denmark2
Energy Analytics and Markets, Center for Electric Power and Energy, Centers, Technical University of Denmark3
CITIES - Centre for IT-Intelligent Energy Systems, Centers, Technical University of Denmark4
The increased integration of renewable energy sources, in particular wind and solar power, calls for changes in power system operation. Current market designs that are only efficient to accommodate limited uncertainty are highly challenged by the partly predictable renewable energy generation. Hence, innovative market structures have been proposed to cope with the uncertainty introduced.
Nonetheless, the quality of wind power forecasts may affect the market outcome due to their inaccuracy. For this reason, a framework is proposed to examine market-clearing algorithms, both deterministic and stochastic approaches, under imperfect wind power forecasts in order to quantify their influence on the market outcome.
Results show that mean value mismatch between “estimated” and “realized” distributions has the highest impact on total system cost. Finally, it is examined if cost recovery for market players is guaranteed in the presence of inaccurate wind power forecasts.
| Language: | English |
|---|---|
| Publisher: | IEEE |
| Year: | 2016 |
| Pages: | 1-6 |
| Proceedings: | 2016 IEEE International Energy Conference |
| ISBN: | 1467384631 , 146738464X , 146738464x , 9781467384636 and 9781467384643 |
| Types: | Conference paper |
| DOI: | 10.1109/ENERGYCON.2016.7513962 |
| ORCIDs: | Ordoudis, Christos and Pinson, Pierre |
Bilevel programming Electricity markets Renewable energy forecasting SDG 7 - Affordable and Clean Energy Stochastic programming
Correlation Generators Production Real-time systems Renewable energy sources Stochastic processes Wind forecasting cost recovery deterministic approaches electricity markets innovative market structures load forecasting market players market-clearing outcomes power markets power system operation renewable energy forecast imperfections renewable energy forecasting solar power stochastic approaches stochastic processes stochastic programming wind power wind power forecasts
