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Coordinated Trading of Wind and Thermal Energy

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2 Author(s)
Al-Awami, A.T. ; Dept. of Electr. Eng., Univ. of Washington, Seattle, WA, USA ; El-Sharkawi, M.A.

Trading wind energy in short-term electricity markets has high associated risks due to the uncertainties in hourly available wind, energy prices, and imbalance penalties. Coordinated trading of wind and thermal energy is proposed to mitigate risks due to those uncertainties. The problem of wind-thermal coordinated trading is formulated as a mixed-integer stochastic linear program. The objective is to obtain the optimal trade-off bidding strategy that maximizes the total expected profits while controlling trading risks. For risk control, a weighted term of the conditional value at risk (CVaR) is included in the objective function. The CVaR aims to maximize the expected profits of the least profitable scenarios, thus improving trading risk control. A case study comparing coordinated with uncoordinated bidding strategies depending on the trader's risk attitude is included. Simulation results show that coordinated bidding can improve the expected profits while significantly improving the CVaR.

Published in:

Sustainable Energy, IEEE Transactions on  (Volume:2 ,  Issue: 3 )

Date of Publication:

July 2011

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