Abstract:Integration of wind power with the grid has become an important problem. For integration, a producer needs to bid in a time-ahead market to deliver an amount of energy at a future point in time. Because wind speed and price are both uncertain, a producer needs to place bids on the basis of expected wind power yield and price. To this end, improving the accuracy of the prediction of wind speed has received much attention. However, the trade-off between expected profit and the prediction errors over a multi-peri… Show more
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