NDLI: Imbalance cost hedging of wind generators in europe using weather securities

Content Provider	IEEE Xplore Digital Library
Author	Sinha, A. Lahiri, R.N. Ghosh, D. Pradhan, A. Chowdhury, S. Chowdhury, S.P.
Copyright Year	2010
Description	Author affiliation: Energy & Utilities Group of Tata Consultancy Services Ltd., Kolkata, India (Sinha, A.; Lahiri, R.N.; Ghosh, D.; Pradhan, A.) \|\| Electrical Engineering Department, University of Cape Town, South Africa (Chowdhury, S.; Chowdhury, S.P.)
Abstract	Climate change and security of supply have made it imperative for Europe to look at renewable sources of energy. Among the available sources, wind has emerged as the preferred option and this is evident from the fact that in 2008, wind formed the highest proportion of total capacity addition in Europe. Improvement in turbine efficiency, which in turn reduced the per unit generation cost of wind turbine together with policy initiatives by the various governments like emissions trading, renewable energy certificates and tax subsidies has made wind power competitive with traditional fossil fuel sources. However, among the many challenges faced by wind generators, one key challenge lies with hedging of the Imbalance penalty, which is due to the deviation in the amount of electricity bid and the actual production. This paper highlights the existing methodologies of imbalance hedging and then proposed a framework using weather securities to hedge the imbalance penalty. The paper starts with importance of imbalance cost for a wind generator and then moves to highlighting the key methods for hedging this such as combining the hydro generation with wind, dynamic sizing of energy storage system, use of imbalance storage system etc. Then it proposes a framework of using the Special Purpose Vehicle (SPV) wind hedging contract for mitigating the imbalance penalty and highlights its advantages & disadvantages over other methodologies.
Starting Page	1
Ending Page	8
File Size	403651
Page Count	8
File Format	PDF
ISBN	9781424465491
ISSN	19449925
e-ISBN	9781424465514
e-ISBN	9781424483570
DOI	10.1109/PES.2010.5589603
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2010-07-25
Publisher Place	USA
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Wind power generation Generators Electricity Wind Contracts Wind turbines Tradable Certificate Wind Power Imbalance Cost Bid Penalty Weather Bonds Special Purpose Vehicle Securitization Structure
Content Type	Text
Resource Type	Article

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