Abstract
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.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: International Transactions on Electrical Energy Systems
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
