Journal
INTERNATIONAL JOURNAL OF ELECTRICAL POWER & ENERGY SYSTEMS
Volume 136, Issue -, Pages -Publisher
ELSEVIER SCI LTD
DOI: 10.1016/j.ijepes.2021.107685
Keywords
Battery energy storage (BES); Compressed air energy storage (CAES); Electricity market; Offering and bidding strategies; Wind farm
Categories
Ask authors/readers for more resources
This paper presents a stochastic framework for offering and bidding strategies of a hybrid power generation system with a wind farm and two types of energy storage facilities. By participating in consecutive electricity markets and incorporating demand response resources, the model effectively addresses energy imbalances. Results from simulations demonstrate considerable profit gain and risk reduction achieved by the suggested offering and bidding framework.
This paper presents a stochastic framework for offering and bidding strategies of a hybrid power generation system (HPGS) with a wind farm and two types of energy storage facilities, i.e., compressed air energy storage (CAES) and battery energy storage (BES) systems. The model considers the participation of the HPGS in consecutive electricity markets, i.e., day-ahead (DA) and intraday markets. To better address the proposed trading strategy problem, the BES degradation cost is also incorporated into the model. Furthermore, a mechanism based on energy procurement from demand response resources (DRRs) in the intraday demand response exchange (IDREX) market for the HPGS is also established to offset unexpected energy imbalances effectively. The suggested offering and bidding strategy is formulated as a three-stage stochastic programming problem incorporating a risk-alleviating index, namely, the conditional value-at-risk (CVaR). Results from several simulations indicate considerable profit gain and risk reduction achieved by the suggested offering and bidding framework.
Authors
I am an author on this paper
Click your name to claim this paper and add it to your profile.
Reviews
Recommended
No Data Available