Modeling the bids of wind power producers in the day-ahead market with stochastic market clearing

Lei, Ming; Jin, Zhang; Dong, Xiaodai; Ye, Jane J.

doi:10.1016/j.seta.2016.05.008

Cited by 19 publications

(31 citation statements)

References 22 publications

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“…• Like [9], in our study, the problem of SCUC is assumed to have been solved exogenously in advance, and consequently, the UC constraints (i.e., ramping rates, startup costs/times, minimum down-times) are not considered. However, the proposed single period EM modeling approach containing single period robust MCM can be extended to a multi-period one.…”

Section: Model Assumptionsmentioning

confidence: 99%

“…According to these day-ahead bidding curves provided by WPPs, ISO, within a certain range of forecasted power outputs corresponding to each WPP, can dispatch the power outputs of WPPs in the day-ahead EM. However, a WPP should also be financially punished when its real time power output deviates from the day-ahead scheduled one [9]. In this work, we believed that different BMs adopted by WPPs may lead to different market results such as profits, clearing prices and operation cost of the power system.…”

Section: Introductionmentioning

confidence: 99%

“…The ISO ensures the wind power accommodation according to every WPP's day-ahead power output plan, but a WPP should be financially punished when its real time power output deviates from the day-ahead bidding one [3]. References [5][6][7][8][9] etc., based on actual EMs such as PJM (Pennsylvania-New Jersey-Maryland) etc., point out that the BM of a WPP is to provide ISO a bidding curve for each period of the next day (namely, BM 2). A bidding curve consists of bidding price and power output.…”

Section: Introductionmentioning

confidence: 99%

“…Because we mainly consider the strategic behaviors of WPPs in a day-ahead EM, the bidding strategy of any other conventional generators is neglected [9,32,33]. We also assume that load in any bus is inelastic without load shedding [9].…”

mentioning

confidence: 99%

“…If BM 2 is adopted by WPPs, ISO dispatches WPPs' day-ahead power output schedules which should at least satisfy [9]: (20) {Equations (4)- (9), (19), (20)} ∪ Ω constitute the day-ahead robust MCM for ISO under BM 2 (namely, RMCM 2).…”

mentioning

confidence: 99%

See 4 more Smart Citations

Day-Ahead Market Modeling for Strategic Wind Power Producers under Robust Market Clearing

Zhao¹,

Wang²,

Zhao³

et al. 2017

Energies

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Abstract:In this paper, considering real time wind power uncertainties, the strategic behaviors of wind power producers adopting two different bidding modes in day-ahead electricity market is modeled and experimentally compared. These two different bidding modes only provide a wind power output plan and a bidding curve consisting of bidding price and power output, respectively. On the one hand, to significantly improve wind power accommodation, a robust market clearing model is employed for day-ahead market clearing implemented by an independent system operator. On the other hand, since the Least Squares Continuous Actor-Critic algorithm is demonstrated as an effective method in dealing with Markov decision-making problems with continuous state and action sets, we propose the Least Squares Continuous Actor-Critic-based approaches to model and simulate the dynamic bidding interaction processes of many wind power producers adopting two different bidding modes in the day-head electricity market under robust market clearing conditions, respectively. Simulations are implemented on the IEEE 30-bus test system with five strategic wind power producers, which verify the rationality of our proposed approaches. Moreover, the quantitative analysis and comparisons conducted in our simulations put forward some suggestions about leading wind power producers to reasonably bid in market and bidding mode selections.

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Section: Model Assumptionsmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

mentioning

confidence: 99%

mentioning

confidence: 99%

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Day-Ahead Market Modeling for Strategic Wind Power Producers under Robust Market Clearing

Zhao¹,

Wang²,

Zhao³

et al. 2017

Energies

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Optimal probabilistic scenario‐based operation and scheduling of prosumer microgrids considering uncertainties of renewable energy sources

Faraji

Hashemi‐Dezaki

Ketabi

2020

Energy Science & Engineering

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Optimal bidding strategy of coordinated wind power and gas turbine units in real-time market using conditional value at risk

Rayati

Goodarzi

Ranjbar

2018

Int Trans Electr Energ Syst

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Summary Nowadays, the incorporation of wind power in electrical grids and electricity markets is grown. Due to the fluctuation of wind speed, one of the main challenges of wind power would be selling power directly to the wholesale markets. A method for solving this challenge is coordination of wind power with energy storages, cascaded hydro, or gas turbine units in bidding strategy and operation. By coordinating with gas turbine units, wind power can be incorporated in real‐time markets with fewer capital costs. In this paper, a stochastic bi‐level optimization is proposed for coordinated wind power and gas turbine units in the real‐time market. The uncertainties of wind power, demands, rivals' biddings, and limitations of natural gas are considered. The optimal bidding strategy is determined by adding a barrier term into the objective function of the proposed optimization model. The added term is based on the concept of conditional value at risk.

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Modeling the bids of wind power producers in the day-ahead market with stochastic market clearing

Cited by 19 publications

References 22 publications

Day-Ahead Market Modeling for Strategic Wind Power Producers under Robust Market Clearing

Day-Ahead Market Modeling for Strategic Wind Power Producers under Robust Market Clearing

Optimal probabilistic scenario‐based operation and scheduling of prosumer microgrids considering uncertainties of renewable energy sources

Optimal bidding strategy of coordinated wind power and gas turbine units in real-time market using conditional value at risk

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