TY - GEN
T1 - Optimal Bidding Strategy for Offshore Wind Farms Equipped with Energy Storage in the Electricity Markets
AU - Ahmadi Kordkheili, Ramin
AU - Pourakbari-Kasmaei, Mahdi
AU - Lehtonen, Matti
AU - Pouresmaeil, Edris
PY - 2020
Y1 - 2020
N2 - 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.
AB - 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.
KW - Offshore wind farm
KW - Energy storage device
KW - Day-ahead market
KW - Balancing market
UR - http://www.scopus.com/inward/record.url?scp=85097342664&partnerID=8YFLogxK
U2 - 10.1109/ISGT-Europe47291.2020.9248814
DO - 10.1109/ISGT-Europe47291.2020.9248814
M3 - Conference article in proceedings
T3 - IEEE PES Innovative Smart Grid Technologies Conference Europe
SP - 859
EP - 863
BT - Proceedings of 2020 IEEE PES Innovative Smart Grid Technologies Europe, ISGT-Europe 2020
PB - IEEE
T2 - IEEE PES Europe Conference on Innovative Smart Grid Technologies
Y2 - 26 October 2020 through 28 October 2020
ER -