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Stochastic optimal sale bid for a wind power producer

Sun, 11/24/2013 - 19:02 — admin
Publication TypeReport
Year of Publication2013
AuthorsSimona Sacripante; F.-Javier Heredia; Cristina Corchero
Pages17
Date11/2013
ReferenceResearch report DR 2013/06, Dept. of Statistics and Operations Research. E-Prints UPC, Universitat Politècnica de Catalunya
Prepared forSubmitted
Key Wordsresearch; electricity markets; wind generator; stochastic programming
AbstractWind power generation has a key role in Spanish electricity system since it is a native source of energy that could help Spain to reduce its dependency on the exterior for the production of electricity. Apart from the great environmental benefits produced, wind energy reduce considerably spot energy price, reaching to cover 16,6 % of peninsular demand. Although, wind farms show high investment costs and need an efficient incentive scheme to be financed. If on one hand, Spain has been a leading country in Europe in developing a successful incentive scheme, nowadays tariff deficit and negative economic conjunctures asks for consistent reductions in the support mechanism and demand wind producers to be able to compete into the market with more mature technologies. The objective of this work is to find an optimal commercial strategy in the production market that would allow wind producer to maximize their daily profit. That can be achieved on one hand, increasing incomes in daily and intraday markets, on the other hand, reducing deviation costs due to error in generation predictions. We will previously analyze market features and common practices in use and then develop our own sale strategy solving a two-stage linear stochastic optimization problem. The first stage variable will be the sale bid in the day–ahead market while second stage variables will be the offers to the six sessions of intraday market. The model is implemented using real data from a wind producer leader in Spain.
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Optimal Bidding Strategies for Thermal and Generic Programming Units in the Day-Ahead Electricity Market

Fri, 03/19/2010 - 16:00 — admin
Publication TypeJournal Article
Year of Publication2010
AuthorsHeredia, F.-J; Rider, M.-Julio; Corchero, C.
Journal TitleIEEE Transactions on Power Systems
Volume25
Issue3
Pages1504-1518
Start Page1504
Journal DateAug. 2010
PublisherIEEE Power & Energy Society
ISSN Number0885-8950
Key Wordsresearch; paper; bilateral contracts; electricity spot market; optimal bidding strategies; short-term electricity generation planning; stochastic programming; virtual power plant auctions
AbstractThis study has developed a stochastic programming model that integrates the day-ahead optimal bidding problem with the most recent regulation rules of the Iberian Electricity Market (MIBEL) for bilateral contracts (BC), with a special consideration for the new mechanism to balance the competition of the production market, namely virtual power plant (VPP) auctions. The model allows a price-taking generation company (GenCo) to decide on the unit commitment of the thermal units, the economic dispatch of the BCs between the thermal units and the generic programming unit (GPU), and the optimal sale/purchase bids for all units (thermal and generic), by observing the MIBEL regulation. The uncertainty of the spot prices has been represented through scenario sets built from the most recent real data using scenario reduction techniques. The model has been solved using real data from a Spanish generation company and spot prices, and the results have been reported and analyzed.
URLClick Here
DOI10.1109/TPWRS.2009.2038269
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Optimal Bidding Strategies for Thermal and Generic Programming Units in the Day-ahead Electricity Market

Fri, 12/19/2008 - 10:57 — admin
Publication TypeReport
Year of Publication2008
AuthorsHeredia, F.-Javier, Rider, Marcos.-J., Corchero, C.
Pages12
Date11/2008
ReferenceResearch report DR 2008/13, Dept. of Statistics and Operations Research. E-Prints UPC, http://hdl.handle.net/2117/2468. Universitat Politècnica de Catalunya
Prepared forPublished on august 2010 at IEEE Transactions on Power Systems
Key Wordsresearch; stochastic programming; electricity markets; day-ahead market, bilateral contracts; Virtual Power Plants; optimal bid
AbstractThis paper develops a stochastic programming model that integrates the day-ahead optimal bidding problem with the most recent regulation rules of the Iberian Electricity Market (MIBEL) for bilateral contracts, with a special consideration for the new mechanism to balance the competition of the production market, namely virtual power plants auctions (VPP). The model allows a price-taker generation company to decide the unit commitment of the thermal units, the economic dispatch of the bilateral contracts between the thermal units and the generic programming unit (GPU) and the optimal sale/purchase bids for all units (thermal and generic) observing the MIBEL regulation. The uncertainty of the spot prices is represented through scenario sets built from the most recent real data using scenario reduction techniques. The model was solved with real data from a Spanish generation company and spot prices, and the results are reported and analyzed.
URLClick Here
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