Risk-Constrained Bidding Strategy for a Joint Operation of Wind Power and CAES Aggregators

Ghavidel, S; Ghadi, MJ; Azizivahed, A; Aghaei, J; Li, L; Zhang, J

Risk-Constrained Bidding Strategy for a Joint Operation of Wind Power and CAES Aggregators

Ghavidel, S

Ghadi, MJ

Azizivahed, A Aghaei, J

Li, L

Zhang, J

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Publication Type:: Journal Article
Citation:: IEEE Transactions on Sustainable Energy, 2020, 11 (1), pp. 457 - 466
Issue Date:: 2020-01-01

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Field	Value	Language
dc.contributor.author	Ghavidel, S https://orcid.org/0000-0001-9133-5604	en_US
dc.contributor.author	Ghadi, MJ https://orcid.org/0000-0002-5564-5055	en_US
dc.contributor.author	Azizivahed, A	en_US
dc.contributor.author	Aghaei, J https://orcid.org/0000-0002-5254-9148	en_US
dc.contributor.author	Li, L https://orcid.org/0000-0001-8485-2216	en_US
dc.contributor.author	Zhang, J https://orcid.org/0000-0003-2616-6722	en_US
dc.date.available	2021-01-01T18:02:40Z
dc.date.issued	2020-01-01	en_US
dc.identifier.citation	IEEE Transactions on Sustainable Energy, 2020, 11 (1), pp. 457 - 466	en_US
dc.identifier.issn	1949-3029	en_US
dc.identifier.uri	http://hdl.handle.net/10453/129980
dc.description.abstract	© 2010-2012 IEEE. This paper proposes a coordinated strategy of a hybrid power plant (HPP), which includes a wind power aggregator and a commercial compressed air energy storage (CAES) aggregator to participate in three electricity markets (day-ahead, intraday, and balancing markets). The CAES aggregator has an extra ability which is called a simple-cycle mode operation that makes it works like a gas turbine when needed, which helps the HPP to economically handle the miscalculations of the wind power and electricity price predictions. The coordinated strategy of the HPP is formulated as a three-stage stochastic optimization problem. To control the financial risks, the conditional value-at-risk model is added to the optimization problem. Moreover, the proposed offering method is capable of submitting both bidding quantity and curves to the day-ahead market. A mixed integer linear programming formulation is written for the problem that can be easily solved by commercially available software such as GAMS. The results that were tested on a realistic-based case study located in Spain show the applicability of the suggested method to increase the joint operation profit and decrease the financial risks.	en_US
dc.relation.ispartof	IEEE Transactions on Sustainable Energy	en_US
dc.relation.isbasedon	10.1109/TSTE.2019.2895332	en_US
dc.rights	info:eu-repo/semantics/openAccess
dc.title	Risk-Constrained Bidding Strategy for a Joint Operation of Wind Power and CAES Aggregators	en_US
dc.type	Journal Article
utslib.citation.volume	1	en_US
utslib.citation.volume	11	en_US
utslib.for	0906 Electrical and Electronic Engineering	en_US
utslib.for	0915 Interdisciplinary Engineering	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Engineering and Information Technology
pubs.organisational-group	/University of Technology Sydney/Faculty of Engineering and Information Technology/School of Electrical and Data Engineering
utslib.copyright.status	open_access	*
pubs.issue	1	en_US
pubs.publication-status	Published	en_US
pubs.volume	11	en_US

Abstract:

© 2010-2012 IEEE. This paper proposes a coordinated strategy of a hybrid power plant (HPP), which includes a wind power aggregator and a commercial compressed air energy storage (CAES) aggregator to participate in three electricity markets (day-ahead, intraday, and balancing markets). The CAES aggregator has an extra ability which is called a simple-cycle mode operation that makes it works like a gas turbine when needed, which helps the HPP to economically handle the miscalculations of the wind power and electricity price predictions. The coordinated strategy of the HPP is formulated as a three-stage stochastic optimization problem. To control the financial risks, the conditional value-at-risk model is added to the optimization problem. Moreover, the proposed offering method is capable of submitting both bidding quantity and curves to the day-ahead market. A mixed integer linear programming formulation is written for the problem that can be easily solved by commercially available software such as GAMS. The results that were tested on a realistic-based case study located in Spain show the applicability of the suggested method to increase the joint operation profit and decrease the financial risks.

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http://hdl.handle.net/10453/129980