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The role of co-located storage for wind power producers in conventional electricity markets | IEEE Conference Publication | IEEE Xplore

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


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 electrici...Show More

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.
Date of Conference: 29 June 2011 - 01 July 2011
Date Added to IEEE Xplore: 18 August 2011
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Conference Location: San Francisco, CA, USA

References

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