IDEAS home Printed from https://ideas.repec.org/a/eee/renene/v83y2015icp362-374.html
   My bibliography  Save this article

Assessment of large scale wind power generation with new generation locations without measurement data

Author

Listed:
  • Ekström, Jussi
  • Koivisto, Matti
  • Mellin, Ilkka
  • Millar, John
  • Saarijärvi, Eero
  • Haarla, Liisa

Abstract

Large amounts of new wind power are currently under construction or planning in many countries. The constantly increasing percentage of wind power in the electricity generation mix has to be taken into consideration when planning power systems. This paper introduces a Monte Carlo simulation based methodology that can be used to assess the effects (e.g. need for new transmission lines, reserves, wind curtailment or demand side management) of large amounts of existing and planned wind power generation on the power system. The presented methodology is able to assess new wind power scenarios spread over a wide geographical area, comprising numerous existing and planned wind generation locations. The Monte Carlo simulation results are verified against measured aggregated wind power generation in Finland from 2008 to 2014. In addition, case studies of future scenarios with 232 individual wind generation locations are presented to show the applicability of the methodology as a tool in power system planning.

Suggested Citation

  • Ekström, Jussi & Koivisto, Matti & Mellin, Ilkka & Millar, John & Saarijärvi, Eero & Haarla, Liisa, 2015. "Assessment of large scale wind power generation with new generation locations without measurement data," Renewable Energy, Elsevier, vol. 83(C), pages 362-374.
  • Handle: RePEc:eee:renene:v:83:y:2015:i:c:p:362-374
    DOI: 10.1016/j.renene.2015.04.050
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0960148115003304
    Download Restriction: Full text for ScienceDirect subscribers only

    File URL: https://libkey.io/10.1016/j.renene.2015.04.050?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Goić, R. & Krstulović, J. & Jakus, D., 2010. "Simulation of aggregate wind farm short-term production variations," Renewable Energy, Elsevier, vol. 35(11), pages 2602-2609.
    2. González-Longatt, F. & Wall, P. & Terzija, V., 2012. "Wake effect in wind farm performance: Steady-state and dynamic behavior," Renewable Energy, Elsevier, vol. 39(1), pages 329-338.
    3. McNeil, Alexander J. & Frey, Rudiger, 2000. "Estimation of tail-related risk measures for heteroscedastic financial time series: an extreme value approach," Journal of Empirical Finance, Elsevier, vol. 7(3-4), pages 271-300, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Mubbashir Ali & Jussi Ekström & Matti Lehtonen, 2018. "Sizing Hydrogen Energy Storage in Consideration of Demand Response in Highly Renewable Generation Power Systems," Energies, MDPI, vol. 11(5), pages 1-11, May.
    2. Jussi Ekström & Matti Koivisto & Ilkka Mellin & Robert John Millar & Matti Lehtonen, 2018. "A Statistical Modeling Methodology for Long-Term Wind Generation and Power Ramp Simulations in New Generation Locations," Energies, MDPI, vol. 11(9), pages 1-18, September.
    3. Murthy, K.S.R. & Rahi, O.P., 2016. "Preliminary assessment of wind power potential over the coastal region of Bheemunipatnam in northern Andhra Pradesh, India," Renewable Energy, Elsevier, vol. 99(C), pages 1137-1145.
    4. Yan Li & Ming Zhou & Dawei Wang & Yuehui Huang & Zifen Han, 2017. "Universal Generating Function Based Probabilistic Production Simulation Approach Considering Wind Speed Correlation," Energies, MDPI, vol. 10(11), pages 1-15, November.
    5. Arslan Ahmad Bashir & Andreas Lund & Mahdi Pourakbari-Kasmaei & Matti Lehtonen, 2021. "Optimizing Power and Heat Sector Coupling for the Implementation of Carbon-Free Communities," Energies, MDPI, vol. 14(7), pages 1-20, March.
    6. Arslan Ahmad Bashir & Matti Lehtonen, 2019. "Optimal Coordination of Aggregated Hydro-Storage with Residential Demand Response in Highly Renewable Generation Power System: The Case Study of Finland," Energies, MDPI, vol. 12(6), pages 1-16, March.
    7. Mubbashir Ali & Jussi Ekström & Matti Lehtonen, 2017. "Assessing the Potential Benefits and Limits of Electric Storage Heaters for Wind Curtailment Mitigation: A Finnish Case Study," Sustainability, MDPI, vol. 9(5), pages 1-15, May.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jussi Ekström & Matti Koivisto & Ilkka Mellin & Robert John Millar & Matti Lehtonen, 2018. "A Statistical Modeling Methodology for Long-Term Wind Generation and Power Ramp Simulations in New Generation Locations," Energies, MDPI, vol. 11(9), pages 1-18, September.
    2. Sofiane Aboura, 2014. "When the U.S. Stock Market Becomes Extreme?," Risks, MDPI, vol. 2(2), pages 1-15, May.
    3. Jäger, Tobias & McKenna, Russell & Fichtner, Wolf, 2015. "Onshore wind energy in Baden-Württemberg: a bottom-up economic assessment of the socio-technical potential," Working Paper Series in Production and Energy 7, Karlsruhe Institute of Technology (KIT), Institute for Industrial Production (IIP).
    4. Dimitrakopoulos, Dimitris N. & Kavussanos, Manolis G. & Spyrou, Spyros I., 2010. "Value at risk models for volatile emerging markets equity portfolios," The Quarterly Review of Economics and Finance, Elsevier, vol. 50(4), pages 515-526, November.
    5. Marco Rocco, 2011. "Extreme value theory for finance: a survey," Questioni di Economia e Finanza (Occasional Papers) 99, Bank of Italy, Economic Research and International Relations Area.
    6. Luo, Weiwei & Brooks, Robert D. & Silvapulle, Param, 2011. "Effects of the open policy on the dependence between the Chinese 'A' stock market and other equity markets: An industry sector perspective," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 21(1), pages 49-74, February.
    7. Torben G. Andersen & Tim Bollerslev & Peter Christoffersen & Francis X. Diebold, 2007. "Practical Volatility and Correlation Modeling for Financial Market Risk Management," NBER Chapters, in: The Risks of Financial Institutions, pages 513-544, National Bureau of Economic Research, Inc.
    8. Ibrahim Ergen, 2014. "Tail dependence and diversification benefits in emerging market stocks: an extreme value theory approach," Applied Economics, Taylor & Francis Journals, vol. 46(19), pages 2215-2227, July.
    9. Martins-Filho, Carlos & Yao, Feng & Torero, Maximo, 2018. "Nonparametric Estimation Of Conditional Value-At-Risk And Expected Shortfall Based On Extreme Value Theory," Econometric Theory, Cambridge University Press, vol. 34(1), pages 23-67, February.
    10. Evangelos Vasileiou, 2022. "Inaccurate Value at Risk Estimations: Bad Modeling or Inappropriate Data?," Computational Economics, Springer;Society for Computational Economics, vol. 59(3), pages 1155-1171, March.
    11. Oliver Linton & Dajing Shang & Yang Yan, 2012. "Efficient estimation of conditional risk measures in a semiparametric GARCH model," CeMMAP working papers 25/12, Institute for Fiscal Studies.
    12. Ra l De Jes s Guti rrez & Lidia E. Carvajal Guti rrez & Oswaldo Garcia Salgado, 2023. "Value at Risk and Expected Shortfall Estimation for Mexico s Isthmus Crude Oil Using Long-Memory GARCH-EVT Combined Approaches," International Journal of Energy Economics and Policy, Econjournals, vol. 13(4), pages 467-480, July.
    13. Polanski, Arnold & Stoja, Evarist, 2017. "Forecasting multidimensional tail risk at short and long horizons," International Journal of Forecasting, Elsevier, vol. 33(4), pages 958-969.
    14. Pawel Siarka, 2012. "Implementation of the Stress Test Methods in the Retail Portfolio," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 2(6), pages 1-2.
    15. Dingshi Tian & Zongwu Cai & Ying Fang, 2018. "Econometric Modeling of Risk Measures: A Selective Review of the Recent Literature," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 201807, University of Kansas, Department of Economics, revised Oct 2018.
    16. Alexander, Carol & Sheedy, Elizabeth, 2008. "Developing a stress testing framework based on market risk models," Journal of Banking & Finance, Elsevier, vol. 32(10), pages 2220-2236, October.
    17. Peters, Gareth W. & Shevchenko, Pavel V. & Young, Mark & Yip, Wendy, 2011. "Analytic loss distributional approach models for operational risk from the α-stable doubly stochastic compound processes and implications for capital allocation," Insurance: Mathematics and Economics, Elsevier, vol. 49(3), pages 565-579.
    18. Viviana Fernandez, 2003. "Extreme Value Theory and Value at Risk," Revista de Analisis Economico – Economic Analysis Review, Universidad Alberto Hurtado/School of Economics and Business, vol. 18(1), pages 57-85, June.
    19. Ceci, Vladimiro & Manganelli, Simone & Vecchiato, Walter, 2002. "Sensitivity analysis of volatility: a new tool for risk management," Working Paper Series 194, European Central Bank.
    20. Gonzalo Cortazar & Alejandro Bernales & Diether Beuermann, 2005. "Methodology and Implementation of Value-at-Risk Measures in Emerging Fixed-Income Markets with Infrequent Trading," Finance 0512030, University Library of Munich, Germany.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:renene:v:83:y:2015:i:c:p:362-374. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.journals.elsevier.com/renewable-energy .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.