Title Impact of the future water value on wind-reversible hydro offering strategies in electricity markets
Authors SÁNCHEZ DE LA NIETA LÓPEZ, AGUSTÍN ALEANDRO, Contreras, J. , Catalao, J. P. S.
External publication Si
Means Energy Convers. Manage.
Scope Article
Nature Científica
JCR Quartile 1
SJR Quartile 1
JCR Impact 4.80100
SJR Impact 2.02300
Publication date 15/11/2015
ISI 000363068900029
DOI 10.1016/j.enconman.2015.07.067
Abstract A coordinated offering strategy between a wind farm and a reversible hydro plant can reduce wind power imbalances, improving the system efficiency whilst decreasing the total imbalances. A stochastic mixed integer linear model is proposed to maximize the profit and the future water value FWV of the system using Conditional Value at Risk (CVaR) for risk-hedging. The offer strategies analyzed are: (i) single wind-reversible hydro offer with a physical connection between wind and hydro units to store spare wind energy, and (ii) separate wind and reversible hydro offers without a physical connection between them. The effect of considering the FWV of the reservoirs is studied for several time horizons: one week (168 h) and one month (720 h) using an illustrative case study. Conclusions are duly drawn from the case study to show the impact of FWV in the results. (C) 2015 Elsevier Ltd. All rights reserved.
Keywords Offering strategy; Wind farm; Reversible hydro plant; Risk-hedging; Future water value; Single strategy; Separate strategy
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