NDLI: A stochastic programming framework for optimal storage bidding in energy and reserve markets

Content Provider	IEEE Xplore Digital Library
Author	Akhavan-Hejazi, H. Mohsenian-Rad, H.
Copyright Year	2013
Description	Author affiliation: Dept. of Electr. Eng., Univ. of California at Riverside, Riverside, CA, USA (Akhavan-Hejazi, H.; Mohsenian-Rad, H.)
Abstract	This paper focuses on a scenario where a group of independently-operated investor-owned storage units seek to offer both energy and reserve in the day-ahead as well as the hour-ahead markets. We are particularly interested in the case when a significant portion of the power generated in the grid is from wind and other intermittent renewable energy sources. In this regard, we formulate a stochastic programming framework to choose optimal energy and reserve bids for the storage units. Our design takes into account the fluctuating nature of the market prices due to the randomness in the renewable power generation availability. We show that the formulated stochastic program can be converted into a convex optimization problem and therefore it can be solved efficiently. Our simulation results show that our design can assure profitability of the private investment on storage units. In particular, our design results in much higher profit compared to a similar but deterministic design that simply uses the expected values of the price parameters.
Sponsorship	IEEE Signal Process. Soc.
Starting Page	1
Ending Page	6
File Size	481573
Page Count	6
File Format	PDF
ISBN	9781467348942
e-ISBN	9781467348966
e-ISBN	9781467348959
DOI	10.1109/ISGT.2013.6497826
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2013-02-24
Publisher Place	USA
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Availability Energy and reserve markets Stochastic processes Wind power generation Wind farms Generators Stochastic optimization Independent storage systems Wind power integration Optimization Energy storage
Content Type	Text
Resource Type	Article

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
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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
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