Optimal coordinated wind-hydro bidding strategies in day-ahead markets

A.A. Sánchez de la Nieta Lopez, J. Contreras, J.I. Muñoz

Research output: Contribution to journalArticleAcademicpeer-review

93 Citations (Scopus)

Abstract

Wind and hydro technologies represent an important part of the electricity generation sector. However, there have been few detailed studies that have investigated the synergies resulting from their combined operation. To address that, we formulate three optimization models where wind and reversible hydro technologies bid in a day-ahead market. The bidding strategies are divided into three categories: 1) separate wind and reversible hydro offers without a physical connection between them, 2) separate wind and reversible hydro offers with a physical connection to store by pumping the wind energy surplus, and 3) single wind and reversible hydro offers with a physical connection. Risk is considered in the models by means of the conditional value at risk (CVaR). A comparison of the models and relevant conclusions are drawn from an illustrative case study of the Iberian day-ahead electricity market.

Original languageEnglish
Article number6380586
Pages (from-to)798-809
Number of pages12
JournalIEEE Transactions on Power Systems
Volume28
Issue number2
DOIs
Publication statusPublished - 2013
Externally publishedYes

Keywords

  • Bidding strategies
  • Conditional value at risk (CVaR)
  • Renewable generation
  • Wind-hydro connection

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