Wind power bidding strategy in a day-ahead electricity market

Author

Bhaskar, Kanna ; Singh, S.N.

Author_Institution

Dept. of Electr. Eng., Indian Inst. of Technol. Kanpur, Kanpur, India

fYear

2014

fDate

27-31 July 2014

Firstpage

1

Lastpage

5

Abstract

This paper proposes a stochastic model for optimal bidding of wind power in a day-ahead electricity market. The uncertainties due to wind power generation and market prices are characterized by first carrying out the point forecasts through advanced statistical methods and then, the probable scenarios are generated using Kernal density estimation. The effectiveness of the proposed approach is tested on wind power producers in the area DK2 of Nord pool electricity market. Two year (2011 and 2012) market prices are considered for analysis. The test results are compared with respect to the revenues generated by point forecast, stochastic optimization and perfect prediction based bidding methods.

Keywords

power markets; stochastic processes; stochastic programming; tendering; wind power plants; Kernal density estimation; day ahead electricity market; market prices; optimal bidding; wind power bidding strategy; wind power generation; Electricity supply industry; Estimation; Predictive models; Stochastic processes; Uncertainty; Wind forecasting; Wind power generation; Wind power; bidding strategy; electricity markets; stochastic programming;

fLanguage

English

Publisher

ieee

Conference_Titel

PES General Meeting | Conference & Exposition, 2014 IEEE

Conference_Location

National Harbor, MD

Type

conf

DOI

10.1109/PESGM.2014.6939112

Filename

6939112