Optimal Bidding Strategies of Wind-Thermal Power Producers

Abstract

Abstract. This paper addresses a stochastic mixed-integer linear programming model for solving the self-scheduling problem of a thermal and wind power producer acting in an electricity market. Uncertainty on market prices and on wind power is modelled via a scenarios set. The mathematical formulation of thermal units takes into account variable and start-up costs and operational constraints like: ramp up/down limits and minimum up/down time limits. A mixed-integer linear formulation is used to obtain the offering strategies of the coordinated production of thermal and wind energy generation, aiming the profit maximization. Finally, a case study is presented and results are discussed.

Optimal Scheduling of Joint Wind-Thermal Systems

“…These uncertainties have to be addressed to avoid dropping profit [5][6][7]. A stochastic programming addresses uncertainty by the use of modeling via scenarios, and is a suitable approach to aid a Wind-Thermal Power Producer (WTPP) in developing a joint bid strategy in a day-ahead market [8][9][10][11][12]. The problem formulation is approached in a way of approximating all expressions regarding the objective function and the constraints to describe the problem by a mixed integer linear program (MILP) one.…”

Self-scheduling of Wind-Thermal Systems Using a Stochastic MILP Approach

“…Particularly, monitoring and high quality real-time data of the exploitation of Rnew energy sources, namely WP, that usually requires a certain amount of spinning reserve due to their intermittent nature may represent additional information at the moment of unit commitment of TU. With this information, the Wind-Ther Power Producer (WTPP) can make a more accurate decision concerning the participation in EMars and therefore foremost revenue [10,11]. Also, benefits of environmental are predictable with the increase in the capability of discovery offers able to be satisfied with a high level of being pleased and less needed of spinning reserve, less TU are needed and less nonrenewable fuel is used.…”

Optimal bidding strategy of coordinated wind power and gas turbine units in real-time market using conditional value at risk

“…However, in addition to all benefits of utility‐scale energy storages, high investment and operational costs of them are challenging. Therefore, another generating units, eg, cascaded hydro or gas turbine units, can play the similar role with less capital costs . Note that the cascaded hydro or gas turbine units have high ramp rate while their outputs are limited in the day‐ahead markets.…”

“…Therefore, another generating units, eg, cascaded hydro or gas turbine units, can play the similar role with less capital costs. 8,9 Note that the cascaded hydro or gas turbine units have high ramp rate while their outputs are limited in the day-ahead markets. Thus, by coordinating wind power with hydro or gas turbine units, the producers become only active in the real-time markets.…”