Long-term wind and solar energy generation forecasts, and optimisation of Power Purchase Agreements
Due to more affordable solar and wind power, and the European Union regulations for decarbonisation of the economy, more than 40% of the Fortune 500 companies have targets related to green energy. This is one of the main reasons why multi-technology Power-Purchase Agreements (PPAs) are becoming incr...
| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
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Elsevier
2023-12-01
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| Series: | Energy Reports |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2352484722025616 |
| _version_ | 1797781932374753280 |
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| author | J.J. Mesa-Jiménez A.L. Tzianoumis L. Stokes Q. Yang V.N. Livina |
| author_facet | J.J. Mesa-Jiménez A.L. Tzianoumis L. Stokes Q. Yang V.N. Livina |
| author_sort | J.J. Mesa-Jiménez |
| collection | DOAJ |
| description | Due to more affordable solar and wind power, and the European Union regulations for decarbonisation of the economy, more than 40% of the Fortune 500 companies have targets related to green energy. This is one of the main reasons why multi-technology Power-Purchase Agreements (PPAs) are becoming increasingly important. However, there are risks associated with the uncertainty and variable generation patterns in wind speed and solar radiation. Moreover, there are challenges to predict intermittent wind and solar generation for the forecasting horizon required by PPAs, which is usually of several years. We propose a long-term wind and solar energy generation forecasts suitable for PPAs with cost optimisation in energy generation scenarios. We use Markov Chain Monte Carlo simulations with suitable models of wind and solar generation and optimise long-term energy contracts with purchase of renewable energy. |
| first_indexed | 2024-03-13T00:03:56Z |
| format | Article |
| id | doaj.art-7707fa301acb460489efdd9c77e98249 |
| institution | Directory Open Access Journal |
| issn | 2352-4847 |
| language | English |
| last_indexed | 2024-03-13T00:03:56Z |
| publishDate | 2023-12-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Energy Reports |
| spelling | doaj.art-7707fa301acb460489efdd9c77e982492023-07-13T05:28:33ZengElsevierEnergy Reports2352-48472023-12-019292302Long-term wind and solar energy generation forecasts, and optimisation of Power Purchase AgreementsJ.J. Mesa-Jiménez0A.L. Tzianoumis1L. Stokes2Q. Yang3V.N. Livina4Brunel University London, Kingston Lane, Uxbridge, UK; National Physical Laboratory, Hampton Road, Teddington, UK; Corresponding author at: National Physical Laboratory, Hampton Road, Teddington, UK.City University of London, Northampton Square, London, UKMace Group, 155 Moorgate, London, UKBrunel University London, Kingston Lane, Uxbridge, UKNational Physical Laboratory, Hampton Road, Teddington, UKDue to more affordable solar and wind power, and the European Union regulations for decarbonisation of the economy, more than 40% of the Fortune 500 companies have targets related to green energy. This is one of the main reasons why multi-technology Power-Purchase Agreements (PPAs) are becoming increasingly important. However, there are risks associated with the uncertainty and variable generation patterns in wind speed and solar radiation. Moreover, there are challenges to predict intermittent wind and solar generation for the forecasting horizon required by PPAs, which is usually of several years. We propose a long-term wind and solar energy generation forecasts suitable for PPAs with cost optimisation in energy generation scenarios. We use Markov Chain Monte Carlo simulations with suitable models of wind and solar generation and optimise long-term energy contracts with purchase of renewable energy.http://www.sciencedirect.com/science/article/pii/S2352484722025616Power purchase agreementsMarkov chain Monte CarloStochastic forecastRenewable energy optimisation |
| spellingShingle | J.J. Mesa-Jiménez A.L. Tzianoumis L. Stokes Q. Yang V.N. Livina Long-term wind and solar energy generation forecasts, and optimisation of Power Purchase Agreements Energy Reports Power purchase agreements Markov chain Monte Carlo Stochastic forecast Renewable energy optimisation |
| title | Long-term wind and solar energy generation forecasts, and optimisation of Power Purchase Agreements |
| title_full | Long-term wind and solar energy generation forecasts, and optimisation of Power Purchase Agreements |
| title_fullStr | Long-term wind and solar energy generation forecasts, and optimisation of Power Purchase Agreements |
| title_full_unstemmed | Long-term wind and solar energy generation forecasts, and optimisation of Power Purchase Agreements |
| title_short | Long-term wind and solar energy generation forecasts, and optimisation of Power Purchase Agreements |
| title_sort | long term wind and solar energy generation forecasts and optimisation of power purchase agreements |
| topic | Power purchase agreements Markov chain Monte Carlo Stochastic forecast Renewable energy optimisation |
| url | http://www.sciencedirect.com/science/article/pii/S2352484722025616 |
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