Renewable Energy Bidding Strategy in Multiple Markets Considering Uncertainty in Generation and Price

Increasing renewable energy (RE) penetration is indispensable for achieving a carbon-neutral society. In particular, a methodology to ensure profitability through the electricity market is a crucial technology for RE producers with unstable output, such as wind power, and a decision-making framework for bidding based on the uncertainty of generation and market prices is essential. This study proposes a day-ahead bidding scheduling method for RE generation targeting two Japanese markets. The proposed method includes functionalities to select appropriate bidding for markets from the viewpoint of maximizing expected revenues calculated based on probabilistic forecast results considering the uncertainty of RE generation and market transaction prices. The usefulness of the proposed method was evaluated through a numerical experiment using real-world historical data.