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Evaluating alternative offering strategies for wind producers in a pool

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  • Rahimiyan, Morteza
  • Morales, Juan M.
  • Conejo, Antonio J.
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    Abstract

    As wind power technology matures and reaches break-even cost, wind producers find it increasingly attractive to participate in pool markets instead of being paid feed-in tariffs. The key issue is then how a wind producer should offer in the pool markets to achieve maximum profit while controlling the variability of such profit. This paper compares two families of offering strategies based, respectively, on a naive use of wind production forecasts and on stochastic programming models. These strategies are compared through a comprehensive out-of-sample chronological analysis based on real-world data. A number of relevant conclusions are then duly drawn.

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    Bibliographic Info

    Article provided by Elsevier in its journal Applied Energy.

    Volume (Year): 88 (2011)
    Issue (Month): 12 ()
    Pages: 4918-4926

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    Handle: RePEc:eee:appene:v:88:y:2011:i:12:p:4918-4926

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    Related research

    Keywords: Offering strategy; Out-of-sample analysis; Wind producer;

    References

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    1. Menz, Fredric C. & Vachon, Stephan, 2006. "The effectiveness of different policy regimes for promoting wind power: Experiences from the states," Energy Policy, Elsevier, vol. 34(14), pages 1786-1796, September.
    2. Abdou Kâ Diongue & Dominique Guégan & Bertrand Vignal, 2007. "Forecasting electricity spot market prices with a k-factor GIGARCH process," Documents de travail du Centre d'Economie de la Sorbonne b07058, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne, revised Nov 2009.
    3. Mackay, R.M & Probert, S.D, 1998. "Likely market-penetrations of renewable-energy technologies," Applied Energy, Elsevier, vol. 59(1), pages 1-38, January.
    4. Boccard, Nicolas, 2010. "Economic properties of wind power: A European assessment," Energy Policy, Elsevier, vol. 38(7), pages 3232-3244, July.
    5. Möller, Christoph & Rachev, Svetlozar T. & Fabozzi, Frank J., 2011. "Balancing energy strategies in electricity portfolio management," Energy Economics, Elsevier, vol. 33(1), pages 2-11, January.
    6. Snyder, Brian & Kaiser, Mark J., 2009. "Ecological and economic cost-benefit analysis of offshore wind energy," Renewable Energy, Elsevier, vol. 34(6), pages 1567-1578.
    7. Astrand, K. & Neij, L., 2006. "An assessment of governmental wind power programmes in Sweden--using a systems approach," Energy Policy, Elsevier, vol. 34(3), pages 277-296, February.
    8. Mohr, Markus & Unger, Hermann, 1999. "Economic reassessment of energy technologies with risk-management techniques," Applied Energy, Elsevier, vol. 64(1-4), pages 165-173, September.
    9. Barthelmie, R.J. & Murray, F. & Pryor, S.C., 2008. "The economic benefit of short-term forecasting for wind energy in the UK electricity market," Energy Policy, Elsevier, vol. 36(5), pages 1687-1696, May.
    10. repec:hal:journl:halshs-00307606 is not listed on IDEAS
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    Cited by:
    1. Haifeng Zhang & Feng Gao & Jiang Wu & Kun Liu & Xiaolin Liu, 2012. "Optimal Bidding Strategies for Wind Power Producers in the Day-ahead Electricity Market," Energies, MDPI, Open Access Journal, vol. 5(11), pages 4804-4823, November.
    2. Tryggvi Jónsson & Pierre Pinson & Henrik Aa. Nielsen & Henrik Madsen, 2014. "Exponential Smoothing Approaches for Prediction in Real-Time Electricity Markets," Energies, MDPI, Open Access Journal, vol. 7(6), pages 3710-3732, June.
    3. Pandžić, Hrvoje & Morales, Juan M. & Conejo, Antonio J. & Kuzle, Igor, 2013. "Offering model for a virtual power plant based on stochastic programming," Applied Energy, Elsevier, vol. 105(C), pages 282-292.

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