The role of co-located storage for wind power producers in conventional electricity markets

Handle URI:
http://hdl.handle.net/10754/599956
Title:
The role of co-located storage for wind power producers in conventional electricity markets
Authors:
Bitar, E.; Rajagopal, R.; Khargonekar, P.; Poolla, K.
Abstract:
In this paper we study the problem of optimizing contract offerings for an independent wind power producer (WPP) participating in conventional day-ahead forward electricity markets for energy. As wind power is an inherently variable source of energy and is difficult to predict, we explore the extent to which co-located energy storage can be used to improve expected profit and mitigate the the financial risk associated with shorting on the offered contracts. Using a simple stochastic model for wind power production and a model for the electricity market, we show that the problem of determining optimal contract offerings for a WPP with co-located energy storage can be solved using convex programming.
Citation:
Bitar E, Rajagopal R, Khargonekar P, Poolla K (2011) The role of co-located storage for wind power producers in conventional electricity markets. Proceedings of the 2011 American Control Conference. Available: http://dx.doi.org/10.1109/ACC.2011.5991431.
Publisher:
Institute of Electrical and Electronics Engineers (IEEE)
Journal:
Proceedings of the 2011 American Control Conference
KAUST Grant Number:
025478
Issue Date:
Jun-2011
DOI:
10.1109/ACC.2011.5991431
Type:
Conference Paper
Sponsors:
Supported in part by OOF991-KAUST US LIMITED under awardnumber 025478, John and Janet McMurtry Fellowship, the UC DiscoveryGrant ele07-10283 under the IMPACT program, NSF under Grant EECS-0925337, and the Florida Energy Systems Consortium.
Appears in Collections:
Publications Acknowledging KAUST Support

Full metadata record

DC FieldValue Language
dc.contributor.authorBitar, E.en
dc.contributor.authorRajagopal, R.en
dc.contributor.authorKhargonekar, P.en
dc.contributor.authorPoolla, K.en
dc.date.accessioned2016-02-28T06:33:13Zen
dc.date.available2016-02-28T06:33:13Zen
dc.date.issued2011-06en
dc.identifier.citationBitar E, Rajagopal R, Khargonekar P, Poolla K (2011) The role of co-located storage for wind power producers in conventional electricity markets. Proceedings of the 2011 American Control Conference. Available: http://dx.doi.org/10.1109/ACC.2011.5991431.en
dc.identifier.doi10.1109/ACC.2011.5991431en
dc.identifier.urihttp://hdl.handle.net/10754/599956en
dc.description.abstractIn this paper we study the problem of optimizing contract offerings for an independent wind power producer (WPP) participating in conventional day-ahead forward electricity markets for energy. As wind power is an inherently variable source of energy and is difficult to predict, we explore the extent to which co-located energy storage can be used to improve expected profit and mitigate the the financial risk associated with shorting on the offered contracts. Using a simple stochastic model for wind power production and a model for the electricity market, we show that the problem of determining optimal contract offerings for a WPP with co-located energy storage can be solved using convex programming.en
dc.description.sponsorshipSupported in part by OOF991-KAUST US LIMITED under awardnumber 025478, John and Janet McMurtry Fellowship, the UC DiscoveryGrant ele07-10283 under the IMPACT program, NSF under Grant EECS-0925337, and the Florida Energy Systems Consortium.en
dc.publisherInstitute of Electrical and Electronics Engineers (IEEE)en
dc.titleThe role of co-located storage for wind power producers in conventional electricity marketsen
dc.typeConference Paperen
dc.identifier.journalProceedings of the 2011 American Control Conferenceen
dc.contributor.institutionDepartment of Mechanical Engineering, U.C. Berkeleyen
dc.contributor.institutionDepartment of Electrical and Computer Engineering, University of Floridaen
dc.contributor.institutionDepartment of Electrical Engineering and Computer Science, U.C. Berkeleyen
kaust.grant.number025478en
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