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

Jamshid Aghaei, Mostafa Barani, Miadreza Shafie-khah, Agustín A. Sánchez De La Nieta, João P.S. Catalão

Research output: Contribution to journalArticleAcademicpeer-review

55 Citations (Scopus)

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 languageEnglish
Pages (from-to)513-525
JournalIEEE Transactions on Sustainable Energy
Volume7
Issue number2
DOIs
Publication statusPublished - 1 Apr 2016
Externally publishedYes

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