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Full-Text Articles in Computer Engineering
Hybrid Scenario Generation Method For Stochastic Virtual Bidding In Electricity Market, Dongliang Xiao,, Wei Qiao
Hybrid Scenario Generation Method For Stochastic Virtual Bidding In Electricity Market, Dongliang Xiao,, Wei Qiao
Department of Electrical and Computer Engineering: Faculty Publications
Stochastic optimization can be used to generate optimal bidding strategies for virtual bidders in which the uncertain electricity prices are represented by using scenarios. This paper proposes a hybrid scenario generation method for electricity price using a seasonal autoregressive integrated moving average (SARIMA) model and historical data. The electricity price spikes are first identified by using an outlier detection method. Then, the historical data are decomposed into base and spike components. Next, the base and spike component scenarios are generated by using the SARIMA- and historical data-based methods, respectively. Finally, the electricity price scenarios are obtained by combining the base …
Optimal Bidding Strategy Of A Strategic Wind Power Producer In The Short-Term Market, Ting Dai, Wei Qiao
Optimal Bidding Strategy Of A Strategic Wind Power Producer In The Short-Term Market, Ting Dai, Wei Qiao
Department of Electrical and Computer Engineering: Faculty Publications
Wind energy is a clean and renewable energy source which is rapidly growing globally. As the penetration level of wind power grows, the system operators need to consider wind power producers as strategic producers whose bidding behaviors will have an impact on the locational marginal prices. This paper proposes a bilevel stochastic optimization model to obtain the optimal bidding strategy for a strategic wind power producer in the short-term electricity market. The upper level problem of the model maximizes the profit of the wind power producer, while the lower level problem represents the market clearing processes of both day-ahead and …
Trading Wind Power In A Competitive Electricity Market Using Stochastic Programing And Game Theory, Ting Dai, Wei Qiao
Trading Wind Power In A Competitive Electricity Market Using Stochastic Programing And Game Theory, Ting Dai, Wei Qiao
Department of Electrical and Computer Engineering: Faculty Publications
Wind power is one of the most rapidly growing clean and renewable energy sources. However, due to the uncertainty and intermittency of wind power, the increasing penetration of wind power into the electric power system will pose challenges to power system operators. Moreover, as a participant in a competitive electricity market, a wind power producer’s behavior and profit will be influenced by other participants’ behaviors. This paper proposes a model of using stochastic programming to generate optimal bidding strategies to maximize the total profits of wind and conventional power producers in both the energy market and a bilateral reserve market, …