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

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    Type
    Conference Paper
    Authors
    Bitar, E.
    Rajagopal, R.
    Khargonekar, P.
    Poolla, K.
    KAUST Grant Number
    025478
    Date
    2011-06
    Permanent link to this record
    http://hdl.handle.net/10754/599956
    
    Metadata
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    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.
    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.
    Publisher
    Institute of Electrical and Electronics Engineers (IEEE)
    Journal
    Proceedings of the 2011 American Control Conference
    DOI
    10.1109/ACC.2011.5991431
    ae974a485f413a2113503eed53cd6c53
    10.1109/ACC.2011.5991431
    Scopus Count
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