Stochastic Price-Based Coordination of Intrahour Wind Energy and Storage in a Generation Company

This paper develops a day-ahead price-based scheduling strategy for the coordination of wind and storage units in a generating company (GENCO). The proposed strategy is based on the stochastic price-based unit commitment (PBUC) for the scheduling of wind energy and storage units, which considers volatilities in day-ahead intrahour market prices and wind power generation. The proposed approach firms up the hourly sum of wind and storage unit generation, and mitigates potential wind energy imbalance charges for participating GENCOs in electricity markets. Although the proposed approach would apply to any kind of storage, we consider the pumped-storage (PS) hydro unit as an example in this study. Numerical examples illustrate a GENCO's day-ahead coordinated scheduling results for wind and PS units.