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Trading wind energy in the electricity market is a challenging task due to the uncertain behavior of wind which is compounded further by the uncertainties in the electricity market. Although wind technology is developing fast, its availability is quite uncertain which brings in many operational difficulties compared to the traditional generation. The fluctuating nature must be considered when a Genco...
This paper discusses risk management, contracting, and bidding for a wind power producer. A majority of the wind power in the United States is sold on long-term power purchase agreements, which hedge the wind power producer against future price risks. However, a significant amount is sold as merchant power and therefore is exposed to fluctuations in future electricity prices (day-ahead and real-time)...
The integration of wind resources into power systems entails new challenges at all levels of the electricity industry. In this paper, we discuss critical issues emerging due to the incorporation of wind power suppliers in existing electricity market designs. We discuss the impacts of wind power intermittency and uncertainty on the planning and operation of the system and markets. In particular, we...
The aim of the paper is to study the optimal participation of wind energy in adjustment markets in order to increase the wind producer revenues, through a stochastic optimization process, which considers the uncertainty of the random variables involved, namely short-term wind power prediction, intraday price prediction and imbalance price. A new modeling of the behavior of up and down imbalance prices...
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