Title Optimal Single Wind Hydro-Pump Storage Bidding in Day-Ahead Markets Including Bilateral Contracts
Authors SÁNCHEZ DE LA NIETA LÓPEZ, AGUSTÍN ALEANDRO, Contreras, Javier , Catalao, Joao P. S.
External publication Si
Means IEEE Trans. Sustainable Energy
Scope Article
Nature Científica
JCR Quartile 1
SJR Quartile 1
JCR Impact 4.90900
SJR Impact 2.36800
Web https://www.scopus.com/inward/record.uri?eid=2-s2.0-84976481415&doi=10.1109%2fTSTE.2016.2544704&partnerID=40&md5=97b975ec31a0628cd7a8deaf8c4078cd
Publication date 01/07/2016
ISI 000379696600038
Scopus Id 2-s2.0-84976481415
DOI 10.1109/TSTE.2016.2544704
Abstract The present evolution of fuel prices together with the reduction of premiums for renewable energies make it of vital importance to improve renewable production management. This paper proposes a model of a single renewable power producer to compete more efficiently against other generators. The single unit is composed of a wind power producer and a hydro-pump storage power producer. The synergies between both renewable producers make relevant the possibility of mitigating wind power uncertainty, and due to this, the imbalances of the wind power producer will be reduced. The reduction of wind imbalances can come from deviating part of the excess of wind generation through a physical connection toward the pumping system or by increasing hydro generation to mitigate the lack of wind generation. To evaluate the problem, stochastic mixed integer linear programming is proposed to address the problem of selling the energy from the single renewable unit through a bilateral contract and in the day-ahead market, as a new contribution to earlier studies. Furthermore, a balancing market is considered to penalize the imbalances. The decision is made to maximize the profit, considering risk-hedging through the Conditional Value at Risk. The model is tested and analyzed for a case study and relevant conclusions are presented.
Keywords Bilateral contract; day-ahead electricity market; risk aversion; single wind hydro-pump storage; power producer
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