CVaR-based stochastic wind-thermal generation coordination for Turkish electricity market
Uncertainties in wind power forecast, day-ahead and imbalance prices for the next day possess a great deal of risk for the profit of generation companies participating in a day-ahead electricity market. Generation companies are exposed to imbalance penalties in the balancing market for unordered mis...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
IEEE
2019-01-01
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| Series: | Journal of Modern Power Systems and Clean Energy |
| Subjects: | |
| Online Access: | https://ieeexplore.ieee.org/document/8952840/ |
| _version_ | 1819121007098593280 |
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| author | Aycan Aydogdu Osman Bulent Tor Ali Nezih Guven |
| author_facet | Aycan Aydogdu Osman Bulent Tor Ali Nezih Guven |
| author_sort | Aycan Aydogdu |
| collection | DOAJ |
| description | Uncertainties in wind power forecast, day-ahead and imbalance prices for the next day possess a great deal of risk for the profit of generation companies participating in a day-ahead electricity market. Generation companies are exposed to imbalance penalties in the balancing market for unordered mismatches between associated day-ahead power schedule and real-time generation. Coordination of wind and thermal power plants alleviates the risks raised from wind uncertainties. This paper proposes a novel optimal coordination strategy by balancing wind power forecast deviations with thermal units in the Turkish day-ahead electricity market. The main focus of this study is to provide an optimal trade-off between the expected profit and the risk under wind uncertainty through conditional value at risk (CVaR) methodology. Coordination problem is formulated as a two-stage mixed-integer stochastic programming problem, where scenario-based wind power approach is used to handle the stochasticity of the wind power. Dynamic programming approach is utilized to attain the commitment status of thermal units. Profitability of the coordination with different day-ahead bidding strategies and trade-off between expected profit and CVaR are examined with comparative scenario studies. |
| first_indexed | 2024-12-22T06:29:42Z |
| format | Article |
| id | doaj.art-647a98ab98f041c8aa678a7e6b49b212 |
| institution | Directory Open Access Journal |
| issn | 2196-5420 |
| language | English |
| last_indexed | 2024-12-22T06:29:42Z |
| publishDate | 2019-01-01 |
| publisher | IEEE |
| record_format | Article |
| series | Journal of Modern Power Systems and Clean Energy |
| spelling | doaj.art-647a98ab98f041c8aa678a7e6b49b2122022-12-21T18:35:45ZengIEEEJournal of Modern Power Systems and Clean Energy2196-54202019-01-01751307131810.1007/s40565-018-0492-38952840CVaR-based stochastic wind-thermal generation coordination for Turkish electricity marketAycan Aydogdu0Osman Bulent Tor1Ali Nezih Guven2Middle East Technical University,Department of Electrical and Electronics Engineering,Ankara,Turkey,06800The Bucharest University of Economic Studies,Bucharest,RomaniaMiddle East Technical University,Department of Electrical and Electronics Engineering,Ankara,Turkey,06800Uncertainties in wind power forecast, day-ahead and imbalance prices for the next day possess a great deal of risk for the profit of generation companies participating in a day-ahead electricity market. Generation companies are exposed to imbalance penalties in the balancing market for unordered mismatches between associated day-ahead power schedule and real-time generation. Coordination of wind and thermal power plants alleviates the risks raised from wind uncertainties. This paper proposes a novel optimal coordination strategy by balancing wind power forecast deviations with thermal units in the Turkish day-ahead electricity market. The main focus of this study is to provide an optimal trade-off between the expected profit and the risk under wind uncertainty through conditional value at risk (CVaR) methodology. Coordination problem is formulated as a two-stage mixed-integer stochastic programming problem, where scenario-based wind power approach is used to handle the stochasticity of the wind power. Dynamic programming approach is utilized to attain the commitment status of thermal units. Profitability of the coordination with different day-ahead bidding strategies and trade-off between expected profit and CVaR are examined with comparative scenario studies.https://ieeexplore.ieee.org/document/8952840/Conditional value at risk (CVaR)Wind-thermal coordinationElectricity marketWind powerThermal power |
| spellingShingle | Aycan Aydogdu Osman Bulent Tor Ali Nezih Guven CVaR-based stochastic wind-thermal generation coordination for Turkish electricity market Journal of Modern Power Systems and Clean Energy Conditional value at risk (CVaR) Wind-thermal coordination Electricity market Wind power Thermal power |
| title | CVaR-based stochastic wind-thermal generation coordination for Turkish electricity market |
| title_full | CVaR-based stochastic wind-thermal generation coordination for Turkish electricity market |
| title_fullStr | CVaR-based stochastic wind-thermal generation coordination for Turkish electricity market |
| title_full_unstemmed | CVaR-based stochastic wind-thermal generation coordination for Turkish electricity market |
| title_short | CVaR-based stochastic wind-thermal generation coordination for Turkish electricity market |
| title_sort | cvar based stochastic wind thermal generation coordination for turkish electricity market |
| topic | Conditional value at risk (CVaR) Wind-thermal coordination Electricity market Wind power Thermal power |
| url | https://ieeexplore.ieee.org/document/8952840/ |
| work_keys_str_mv | AT aycanaydogdu cvarbasedstochasticwindthermalgenerationcoordinationforturkishelectricitymarket AT osmanbulenttor cvarbasedstochasticwindthermalgenerationcoordinationforturkishelectricitymarket AT alinezihguven cvarbasedstochasticwindthermalgenerationcoordinationforturkishelectricitymarket |