Optimal sale bid for a wind producer in Spanish electricity market through stochastic programming
Thu, 07/19/2012 - 20:08 — admin
| Publication Type | Conference Paper |
| Year of Publication | 2012 |
| Authors | Simona Sacripante; F.-Javier Heredia; Cristina Corchero |
| Conference Name | 9th International Conference on Computational Management Science. |
| Conference Date | 18-20/04/2012 |
| Conference Location | London |
| Type of Work | Invited presentation |
| Key Words | research; stochastic programming; wind producer; renewable energy; multimarket; electricity market; optimal bid; DPI2008-02153 |
| Abstract | Wind power generation has a key role in Spanish electricity system since it is a native source of energy that could help Spain to reduce its dependency on the exterior for the production of electricity. Apart from the great environmental benefits produced, wind energy reduce considerably spot energy price, reaching to cover 16,6 % of peninsular demand. Although, wind farms show high investment costs and need an efficient incentive scheme to be financed. If on one hand, Spain has been a leading country in Europe in developing a successful incentive scheme, nowadays tariff deficit and negative economic conjunctures asks for consistent reductions in the support mechanism and demand wind producers to be able to compete into the market with more mature technologies. The objective of this work is to find an optimal commercial strategy in the production market that would allow wind producer to maximize their daily profit. That can be achieved on one hand, increasing incomes in day-ahead and intraday markets, on the other hand, reducing deviation costs due to error in generation predictions. We will previously analyze market features and common practices in use and then develop our own sale strategy solving a two-stage linear stochastic optimization problem. The first stage variable will be the sale bid in the day–ahead market while second stage variables will be the offers to the six sessions of intraday market. The model is implemented using real data from a wind producer leader in Spain. |
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