Abstract
This paper presents a stochastic hourly coordination strategy for wind units and cascaded hydro generation as storage to firm up the hourly dispatch in a generating company (GENCO). The proposed strategy is based on the stochastic price-based unit commitment (Stochastic PBUC) formulation which includes wind energy imbalance charges. The forecast errors of electricity market price and wind speed are simulated with the Monte Carlo method via a scenario approach. The risk-aversion constraints are considered for limiting a GENCO's financial risks when considering uncertain wind power generation. The proposed optimization model is solved by mixed-integer linear programming (MIP) and illustrative examples examine the effectiveness of the proposed risk-based coordination model for optimizing a GENCO's payoff.
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