Risk-Constrained Optimal Bidding Strategy for Pairing of Wind and Demand Response Resources | IEEE Journals & Magazine | IEEE Xplore

Risk-Constrained Optimal Bidding Strategy for Pairing of Wind and Demand Response Resources


Abstract:

Wind power represents a significant percentage of the Spanish generation mix and this trend will increase due to the commitment of the European Union to the full deployme...Show More

Abstract:

Wind power represents a significant percentage of the Spanish generation mix and this trend will increase due to the commitment of the European Union to the full deployment of Directive 2009/28/EC. The increasing penetration of intermittent renewable energy, and the development of advanced information and communication technologies, give rise to questions on how additional flexibility obtained from loads can be used in order to optimize the use of resources and assets. This paper proposes a comprehensive stochastic decision making model for the coordinated operation of wind power producers and demand response (DR) aggregators participating in the day-ahead market. In order to account for the uncertainty around the true outcomes of day-ahead prices and wind power, a minimum conditional value at risk term has been included in the model formulation. Numerical results illustrate how the proposed bidding strategy for wind and demand response (DR) pairing increases the expected benefit of both resources and reduces the related risk.
Published in: IEEE Transactions on Smart Grid ( Volume: 8, Issue: 1, January 2017)
Page(s): 200 - 208
Date of Publication: 11 May 2015

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