Optimal Offering Strategies for Wind Power Producers Considering Uncertainty and Risk

• Type: Article in International Scientific Journal
• Date: 2012

Authors

Catalao, JPS (Author) Other; Pousinho, HMI (Author) Other; Mendes, VMF (Author) Other

Journal

Title: IEEE Systems Journal

Vol. 6

Pages: 270-277

ISSN: 1932-8184

Publisher: IEEE

Indexing

ISI Web of Knowledge - 40 Citations

Scopus - 48 Citations

Other information

Authenticus ID: P-002-95T

DOI: 10.1109/jsyst.2011.2163009

Abstract (EN): This paper provides a two-stage stochastic programming approach for the development of optimal offering strategies for wind power producers. Uncertainty is related to electricity market prices and wind power production. A hybrid intelligent approach, combining wavelet transform, particle swarm optimization and adaptive-network-based fuzzy inference system, is used in this paper to generate plausible scenarios. Also, risk aversion is explicitly modeled using the conditional value-at-risk methodology. Results from a realistic case study, based on a wind farm in Portugal, are provided and analyzed. Finally, conclusions are duly drawn.

Language: English

Type (Professor's evaluation): Scientific

No. of pages: 8