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Wind power producers (WPPs) that sell power in forward power markets would like to minimize their operating costs which increase with generation uncertainty. In this work, the value of energy storage for reducing such costs is studied. In particular, profit maximization is considered for a WPP who participates in a two-settlement (forward and real time) market and utilizes energy storage by charging/discharging...
Aggregation of diverse wind power sources can effectively reduce their uncertainty, and hence the cost of wind energy integration. A risky power contract is proposed, by which wind power producers (WPPs) can trade uncertain future power for efficient wind aggregation. A two-settlement market with both the risky power contract and a conventional firm power contract is shown to have a unique competitive...
Aggregation of diverse wind power sources can effectively reduce their uncertainty, and hence the cost of wind energy integration. A risky power contract is proposed, by which wind power producers (WPPs) can trade uncertain future power for efficient wind aggregation. A two-settlement market with both the risky power contract and a conventional firm power contract is shown to have a unique competitive...
Risky power contracts are introduced for enabling wind power aggregation. First, the problem of optimal risky and firm power contract offering in the forward market is formulated in the single wind farm setting. Analytical solutions are obtained, and the concepts of fair price of wind power and price of unitized risk are introduced. The more general setting of two wind farms both trading risky and...
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