NDLI: Optimal sharing of quantity risk for a coalition of wind power producers facing nodal prices

Content Provider	IEEE Xplore Digital Library
Author	Bitar, E.Y. Baeyens, E. Khargonekar, P.P. Poolla, K. Varaiya, P.
Copyright Year	2012
Description	Author affiliation: Inst. de las Tecnol. Avanzadas de la Produccion, Univ. de Valladolid, Valladolid, Spain (Baeyens, E.) \|\| Dept. of Electr. & Comput. Eng., Univ. of Florida, Gainesville, FL, USA (Khargonekar, P.P.) \|\| Dept. of Electr. Eng. & Comput. Sci., U.C. Berkeley, Berkeley, CA, USA (Bitar, E.Y.; Poolla, K.; Varaiya, P.)
Abstract	It is widely accepted that aggregation of geographically diverse wind energy resources offers compelling potential to mitigate wind power variability, as wind speed at different geographic locations tends to decorrelate with increasing spatial separation. In this paper, we explore the extent to which a coalition of wind power producers can exploit the statistical benefits of aggregation to mitigate the risk of quantity shortfall with respect to forward contract offerings for energy. We propose a simple augmentation of the existing two-settlement market system with nodal pricing to permit quantity risk sharing among wind power producers by affording the group a recourse opportunity to utilize improved forecasts of their ensuing wind energy production to collectively modify their forward contracted positions so as to utilize the projected surplus in generation at certain buses to balance the projected shortfall in generation at complementary buses. Working within this framework, we show that the problem of optimally sizing a set of forward contracts for a group of wind power producers reduces to convex programming and derive closed form expressions for the set of optimal recourse policies. We also asses the willingness of individual wind power producers to form a coalition to cooperatively offer contracts for energy. We first show that the expected profit derived from coalitional contract offerings with recourse is greater than that achievable through independent contract offerings. And, using tools from coalitional game theory, we show that the core for our game is non-empty.
Sponsorship	IEEE Control Syst. Soc.
Starting Page	4438
Ending Page	4445
File Size	303682
Page Count	8
File Format	PDF
ISBN	9781457710957
ISSN	07431619
e-ISBN	9781457710964
e-ISBN	9781467321020
DOI	10.1109/ACC.2012.6315524
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2012-06-27
Publisher Place	Canada
Access Restriction	Subscribed
Rights Holder	American Automatic Control Council(AACC)
Subject Keyword	Wind power generation Wind energy Production Forward contracts Vectors Loading
Content Type	Text
Resource Type	Article
Subject	Electrical and Electronic Engineering

Sl.	Authority	Responsibilities	Communication Details
1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
5	Website/Portal (Helpdesk)	Queries regarding NDLI and its services	support@ndl.gov.in
6	Contents and Copyright Issues	Queries related to content curation and copyright issues	content@ndl.gov.in
7	National Digital Library of India Club (NDLI Club)	Queries related to NDLI Club formation, support, user awareness program, seminar/symposium, collaboration, social media, promotion, and outreach	clubsupport@ndl.gov.in
8	Digital Preservation Centre (DPC)	Assistance with digitizing and archiving copyright-free printed books	dpc@ndl.gov.in
9	IDR Setup or Support	Queries related to establishment and support of Institutional Digital Repository (IDR) and IDR workshops	idr@ndl.gov.in

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