Journal article
Decision Support Tools for Electricity Retailers, Wind Power and CHP Plants Using Probabilistic Forecasts
This paper reviews a number of applications of optimization under uncertainty in energy markets resulting from the research project ENSYMORA. A general mathematical formulation applicable to problems of optimization under uncertainty in energy markets is presented. This formulation can be effortlessly adapted to describe different approaches: the deterministic one (usable within a rolling horizon scheme), stochastic programming and robust optimization.
The different features of this mathematical formulation are duly interpreted with a view to the energy applications reviewed in this paper: trading for a price-maker wind power producer, management of heat and power systems, operation for retailers in a dynamic-price market. A selection of results shows the viability and appropriateness of the presented stochastic optimization approaches for managing energy systems under uncertainty.
Language: | English |
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Publisher: | Aalborg University Open Publishing |
Year: | 2015 |
Pages: | 19-36 |
ISSN: | 22462929 |
Types: | Journal article |
DOI: | 10.5278/ijsepm.2015.7.3 |
ORCIDs: | Madsen, Henrik |