Abstract
This paper presents an extensive decision-making model for Wind Power Generators (WPGs) for profit maximization in an electricity market environment. This model has been presented at the intraday market stage due to the fact that WPGs can react according to the latest information and also they have less forecast errors in comparison to Day-ahead (DA) market. In addition, the Intraday Demand Response Exchange (IDRX) market is modelled with the aim of covering wind generation volatility so that the WPG can participate in it as a buyer. Note that, Demand Response (DR) uncertainty is modelled through Information Gap Decision Theory (IGDT) method so that the amount of financial resistance to the possible increase of the load is considered. In this article, the profitability of WPG in the event of High-Intensity and Low-Probability (HILP) events such as the hurricane, is also examined. In fact, the effects of hurricane on failure rate, reliability and aging of wind units are investigated. The Conditional Value at Risk (CVaR) is utilized to quantify the WPG risk as well. Several numerical analysis are conducted to show evidence of the approach efficacy.
Highlights
A player called Demand Response Provider (DRP) is introduced who can act as an intermediary between DR buyers and DR sellers (small α᷉ = Max (α) {The minimum profit generated from selling power and that is not beyond a provided profit goal} (9) β᷉ = Min (β) {The maximum profit generated from selling power and that is higher that a provided profit goal} (10)
This paper presents a new model for low High-Intensity and Low-Probability (HILP) events such as the hurricane events and a model for Wind Power Generators (WPGs) taking a role in the intraday market as a participant for maximizing his/her profits
The simulation results prove that a suitable Intraday Demand Response Exchange (IDRX) market is motivating WPGs to supply further amount of power to the DA market
Summary
The trends to use wind as a renewable resource for power generation, and as an inexpensive and zero-emission energy resource is developing swiftly over the last few years. There are many works that addressed the issue of bidding strategy of WPGs. Reference [9] proposed a multi-objective bidding strategy in the electricity market to improve the profits of WPG, though, the risk of using wind resources is not considered [9]. Uncertainty of wind generation implies a possibility of selling some amount of power in the DA market but not being realized in actual time Such deviations, whether positive or negative, will penalize the WPGs and reduce their anticipated profits. Reference [22] described the impacts of DR on the profits made by WPGs, there is not any risk management possibility in the proposed approach. To develop a simultaneous risk-based offering strategy for WPG in energy and reserve markets at different time stages including DA and intraday;.
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