NDLI: Optimal contract for wind power in day-ahead electricity markets

Content Provider	IEEE Xplore Digital Library
Author	Cai, D.W.H. Adlakha, S. Chandy, K.M.
Copyright Year	2011
Description	Author affiliation: Department of Electrical Engineering, California Institute of Technology, Pasadena, USA (Cai, D.W.H.) \|\| Center for Mathematics of Information, California Institute of Technology, Pasadena, USA (Adlakha, S.) \|\| Department of Computer Science, California Institute of Technology, Pasadena, USA (Chandy, K.M.)
Abstract	The growth of wind energy production poses several challenges in its integration in current electric power systems. In this work, we study how a wind power producer can bid optimally in existing electricity markets. We derive optimal contract size and expected profit for a wind producer under arbitrary penalty function and generation costs. A key feature of our analysis is to allow for the wind producer to strategically withhold production once the day ahead contract is signed. Such strategic behavior is detrimental to the smooth functioning of electricity markets. We show that under simple conditions on the offered price and marginal imbalance penalty, a risk neutral profit maximizing wind power producer will produce as much as wind power is available (up to its contract size).
Starting Page	1521
Ending Page	1527
File Size	336852
Page Count	7
File Format	PDF
ISBN	9781612848006
ISSN	07431546
e-ISBN	9781612848013
e-ISBN	9781612847993
DOI	10.1109/CDC.2011.6161253
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2011-12-12
Publisher Place	USA
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Contracts Wind power generation Production Equations Uncertainty Electricity supply industry Convex functions
Content Type	Text
Resource Type	Article
Subject	Control and Optimization Control and Systems Engineering Modeling and Simulation

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
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