Optimal Bidding Strategy for Offshore Wind Farms Equipped with Energy Storage in the Electricity Markets

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Abstract

This paper tackles the challenges of offshore wind farm owners participating in the electricity market, aiming at maximizing their profit. Decreasing the subsidies, which used to support the wind farm owners in increasing the penetration of wind-based generation, resulted in new challenges. The owners need to compete not only with each other but also with the existing conventional producers in the electricity market. In this work, in order to have a more practical model, the day-ahead and balancing markets are considered. Moreover, the impact of energy storage devices on the profit of wind farm owners is also investigated. The stochastic programming approach is used to handle the existing uncertainties in the output power of the wind farm, and the day-ahead and balancing market prices. Four different case studies are conducted to analyze the potential of the proposed model. Results show the effectiveness of considering the day-ahead and balancing markets jointly by increasing the profit of windfarms owners. Moreover, the storage device highly increases the degree of freedom in participating in different electricity markets.
Original languageEnglish
Title of host publicationProceedings of 2020 IEEE PES Innovative Smart Grid Technologies Europe, ISGT-Europe 2020
PublisherIEEE
Pages859-863
Number of pages5
ISBN (Electronic)978-1-7281-7100-5
DOIs
Publication statusPublished - 2020
MoE publication typeA4 Article in a conference publication
EventIEEE PES Europe Conference on Innovative Smart Grid Technologies - Virtual, Online
Duration: 26 Oct 202028 Oct 2020

Publication series

NameIEEE PES Innovative Smart Grid Technologies Conference Europe
PublisherIEEE
ISSN (Print)2165-4816
ISSN (Electronic)2165-4824

Conference

ConferenceIEEE PES Europe Conference on Innovative Smart Grid Technologies
Abbreviated titleISGT Europe
CityVirtual, Online
Period26/10/202028/10/2020
OtherVirtual conference

Keywords

  • Offshore wind farm
  • Energy storage device
  • Day-ahead market
  • Balancing market

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