Abstract
Due to the fluctuating nature of solar and wind power plants, they are mostly accompanied by energy storage units to be able to offer dispatchable energy output. One of the main challenges of energy storage units in renewable power plants, however, is determining an efficient and optimal energy trading strategy as the majority of the electricity should be traded in the day-ahead market. As a result, the plants are imposed on huge penalties due to less- or over-supply compared to that bided on the day before. This work presents a novel model to optimize the bidding strategy of a wind farm coupled with a high-temperature heat and power energy storage system (based on different designs) in the energy market. This novel storage technology is highly efficient and offers cogeneration of heat and electricity. The proposed problem determines the best bidding value to maximize the total profit of energy sales from a monthly perspective. The case study includes a real wind farm and Danish energy market. The results reveal the importance of having a precise model of marketing for such plants and the effect of small deviation from the optimal marketing strategy on the net annual revenue of the power plant.
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