Abstract
In order to participate in energy market, variable renewable energy sources need to reduce the uncertainty of forecast errors. Inclusion of storage can be a viable option not only to minimize the penalties due to forecast uncertainties but also to maximize the revenue generation. This paper presents a decision framework for respecting the market constraints and maximise the revenues of a wind-storage based hybrid power plant. Wind power and price forecast are used in convex optimisation algorithm for making day ahead decisions on battery operation. This day ahead optimisation results feed to an algorithm for operating in the balancing market. Several scenarios and case studies have been simulated to assess the value of storage for revenue maximization of a wind power plant. The results show that proposed algorithms can increase the revenue by more than 10% compared to the operation of wind power plant without battery.
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