DocumentCode :
571122
Title :
Optimal wind bidding strategy considering imbalance cost and allowed imbalance band
Author :
Zhang, Xiaoxuan
Author_Institution :
IBM Thomas J. Watson Res. Center, Yorktown Heights, NY, USA
fYear :
2012
fDate :
29-31 May 2012
Firstpage :
1
Lastpage :
5
Abstract :
Wind energy has been widely investigated as a promising environmental friendly and economic energy resource these years worldwide. However, high volatility and non-dispatchability make it difficult to control comparing to the traditional energy. Imbalance penalty is one of the major methods to regulate wind farm owners and enhance the benefits of renewables bid into the electricity market, so as to minimize the supply-demand mismatch and local network congestions. In this paper, we consider the optimal wind bidding strategy problem with the existence of imbalance penalty and allowed imbalance band on behalf of a wind farm owner. We provide the analytical solutions of the optimization problem for Normal and Rayleigh distributed wind power. Based on the problem and solutions, we also investigate in the related issues that can help both wind taking and supplying parties to cooperate and help build a reliable energy trading market.
Keywords :
normal distribution; optimisation; power generation economics; power markets; wind power; wind power plants; Rayleigh distributed wind power; allowed imbalance band; economic energy resource; electricity market; energy trading market; imbalance cost; imbalance penalty; local network congestion minimization; normal distributed wind power; optimal wind bidding strategy; optimization problem; supply-demand mismatch minimization; wind farm owners; Contracts; Optimization; Wind energy; Wind farms; Wind forecasting; Wind power generation; Wind speed; Wind energy; optimization; wind farms;
fLanguage :
English
Publisher :
ieee
Conference_Titel :
Energytech, 2012 IEEE
Conference_Location :
Cleveland, OH
Print_ISBN :
978-1-4673-1836-5
Electronic_ISBN :
978-1-4673-1834-1
Type :
conf
DOI :
10.1109/EnergyTech.2012.6304624
Filename :
6304624
Link To Document :
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