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We consider a wind power producer (WPP) participating in a dynamically evolving two settlement power market. We study the utility of energy storage for a WPP in maximizing its expected profit. With random wind and price processes, the optimal forward contract and storage charging/discharging decisions are formulated as solutions of an infinite horizon stochastic optimal control problem. For the asymptotically...
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...
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