The role of co-located storage for wind power producers in conventional electricity markets
KAUST Grant Number025478
Permanent link to this recordhttp://hdl.handle.net/10754/599956
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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.
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.
SponsorsSupported 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.