Risk-constrained offering strategy for aggregated hybrid power plant including wind power producer and demand response provider

Jamshid Aghaei; Mostafa Barani; Miadreza Shafie-khah; Agustin A. Sanchez De La Nieta; João Catalao

doi:10.1109/PESGM.2016.7741844

Risk-constrained offering strategy for aggregated hybrid power plant including wind power producer and demand response provider

Jamshid Aghaei, Mostafa Barani, Miadreza Shafie-khah, Agustin A. Sanchez De La Nieta, João Catalao

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › Academic › peer-review

Abstract

The unpredictable and volatile nature of wind power is the main obstacle of this generation source in short term trading. Owing to the ability of demand side to cover wind power imbalances, aggregated loads have been presented in the literature as a good complementary resource for the wind generation. To this end, this paper proposes a technique to obtain the best offering strategy for a hybrid power plant consisting of a wind power producer and a demand response provider in the power market. In addition, conditional value-at-risk is used to limit the risk on profit variability. Finally, a detailed analysis of a realistic case study based on a wind farm in Spain has illustrated that joint operation of wind power producers and demand response providers can increase the expected profit and reduce the potential risks.

Original language	English
Title of host publication	2016 IEEE Power and Energy Society General Meeting, 17-21 july 2016
Place of Publication	Piscataway
Publisher	Institute of Electrical and Electronics Engineers
Pages	1-1
ISBN (Electronic)	978-1-5090-4168-8
DOIs	https://doi.org/10.1109/PESGM.2016.7741844
Publication status	Published - Jul 2016
Externally published	Yes
Event	2016 IEEE Power and Energy Society General Meeting, PESGM 2016 - Sheraton Boston Hotel, Boston, United States Duration: 17 Jul 2016 → 21 Jul 2016 http://www.pes-gm.org/2016

Conference

Conference	2016 IEEE Power and Energy Society General Meeting, PESGM 2016
Abbreviated title	PESGM 2016
Country/Territory	United States
City	Boston
Period	17/07/16 → 21/07/16
Internet address	http://www.pes-gm.org/2016

Access to Document

10.1109/PESGM.2016.7741844

http://ieeexplore.ieee.org/document/7741844/

Cite this

Aghaei, J., Barani, M., Shafie-khah, M., Sanchez De La Nieta, A. A., & Catalao, J. (2016). Risk-constrained offering strategy for aggregated hybrid power plant including wind power producer and demand response provider. In 2016 IEEE Power and Energy Society General Meeting, 17-21 july 2016 (pp. 1-1). Institute of Electrical and Electronics Engineers. https://doi.org/10.1109/PESGM.2016.7741844

@inproceedings{1dedfe0027394d0ab2a203fba088257c,

title = "Risk-constrained offering strategy for aggregated hybrid power plant including wind power producer and demand response provider",

abstract = "The unpredictable and volatile nature of wind power is the main obstacle of this generation source in short term trading. Owing to the ability of demand side to cover wind power imbalances, aggregated loads have been presented in the literature as a good complementary resource for the wind generation. To this end, this paper proposes a technique to obtain the best offering strategy for a hybrid power plant consisting of a wind power producer and a demand response provider in the power market. In addition, conditional value-at-risk is used to limit the risk on profit variability. Finally, a detailed analysis of a realistic case study based on a wind farm in Spain has illustrated that joint operation of wind power producers and demand response providers can increase the expected profit and reduce the potential risks.",

author = "Jamshid Aghaei and Mostafa Barani and Miadreza Shafie-khah and {Sanchez De La Nieta}, {Agustin A.} and Jo{\~a}o Catalao",

year = "2016",

month = jul,

doi = "10.1109/PESGM.2016.7741844",

language = "English",

pages = "1--1",

booktitle = "2016 IEEE Power and Energy Society General Meeting, 17-21 july 2016",

publisher = "Institute of Electrical and Electronics Engineers",

address = "United States",

note = "2016 IEEE Power and Energy Society General Meeting, PESGM 2016, PESGM 2016 ; Conference date: 17-07-2016 Through 21-07-2016",

url = "http://www.pes-gm.org/2016",

}

Aghaei, J, Barani, M, Shafie-khah, M, Sanchez De La Nieta, AA & Catalao, J 2016, Risk-constrained offering strategy for aggregated hybrid power plant including wind power producer and demand response provider. in 2016 IEEE Power and Energy Society General Meeting, 17-21 july 2016. Institute of Electrical and Electronics Engineers, Piscataway, pp. 1-1, 2016 IEEE Power and Energy Society General Meeting, PESGM 2016, Boston, Massachusetts, United States, 17/07/16. https://doi.org/10.1109/PESGM.2016.7741844

Risk-constrained offering strategy for aggregated hybrid power plant including wind power producer and demand response provider. / Aghaei, Jamshid; Barani, Mostafa; Shafie-khah, Miadreza et al.
2016 IEEE Power and Energy Society General Meeting, 17-21 july 2016. Piscataway: Institute of Electrical and Electronics Engineers, 2016. p. 1-1.

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › Academic › peer-review

TY - GEN

T1 - Risk-constrained offering strategy for aggregated hybrid power plant including wind power producer and demand response provider

AU - Aghaei, Jamshid

AU - Barani, Mostafa

AU - Shafie-khah, Miadreza

AU - Sanchez De La Nieta, Agustin A.

AU - Catalao, João

PY - 2016/7

Y1 - 2016/7

N2 - The unpredictable and volatile nature of wind power is the main obstacle of this generation source in short term trading. Owing to the ability of demand side to cover wind power imbalances, aggregated loads have been presented in the literature as a good complementary resource for the wind generation. To this end, this paper proposes a technique to obtain the best offering strategy for a hybrid power plant consisting of a wind power producer and a demand response provider in the power market. In addition, conditional value-at-risk is used to limit the risk on profit variability. Finally, a detailed analysis of a realistic case study based on a wind farm in Spain has illustrated that joint operation of wind power producers and demand response providers can increase the expected profit and reduce the potential risks.

AB - The unpredictable and volatile nature of wind power is the main obstacle of this generation source in short term trading. Owing to the ability of demand side to cover wind power imbalances, aggregated loads have been presented in the literature as a good complementary resource for the wind generation. To this end, this paper proposes a technique to obtain the best offering strategy for a hybrid power plant consisting of a wind power producer and a demand response provider in the power market. In addition, conditional value-at-risk is used to limit the risk on profit variability. Finally, a detailed analysis of a realistic case study based on a wind farm in Spain has illustrated that joint operation of wind power producers and demand response providers can increase the expected profit and reduce the potential risks.

U2 - 10.1109/PESGM.2016.7741844

DO - 10.1109/PESGM.2016.7741844

M3 - Conference contribution

SP - 1

EP - 1

BT - 2016 IEEE Power and Energy Society General Meeting, 17-21 july 2016

PB - Institute of Electrical and Electronics Engineers

CY - Piscataway

T2 - 2016 IEEE Power and Energy Society General Meeting, PESGM 2016

Y2 - 17 July 2016 through 21 July 2016

ER -

Aghaei J, Barani M, Shafie-khah M, Sanchez De La Nieta AA, Catalao J. Risk-constrained offering strategy for aggregated hybrid power plant including wind power producer and demand response provider. In 2016 IEEE Power and Energy Society General Meeting, 17-21 july 2016. Piscataway: Institute of Electrical and Electronics Engineers. 2016. p. 1-1 doi: 10.1109/PESGM.2016.7741844

Risk-constrained offering strategy for aggregated hybrid power plant including wind power producer and demand response provider

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