Scheduling wind power flexible electricity contracts
- Resource Type
- Conference
- Authors
- Wu, Zechen; Wang, Xiuli; Zece Zhang; Xiao, Yunpeng; Benhui Gong; Yue Zhang; Xiaofei Xie
- Source
- 2016 IEEE PES Asia-Pacific Power and Energy Engineering Conference (APPEEC) Power and Energy Engineering Conference (APPEEC), 2016 IEEE PES Asia-Pacific. :2309-2313 Oct, 2016
- Subject
- Power, Energy and Industry Applications
Contracts
Wind power generation
Schedules
Optimal scheduling
Mathematical model
Stochastic processes
Dynamic programming
electricity market
flexible electricity contract
wind power trading
stochastic dynamic programming
stochastic optimization
- Language
Wind power producers have begun to participate in electricity market in some developed countries. This paper presents a model for wind power flexible electricity contract (WPFEC) and focuses on the problem of contract scheduling. Stochastic dynamic programming approach is described for sequential decision making under uncertainty that allows wind power producers to maximize their revenue. Autoregressive moving average model and autoregressive model is used to generate scenarios of wind output and spot price. The results of a case study illustrate the efficiency of proposed algorithm and show that a well scheduled wind power flexible electricity contract can help wind power producer obtain maximum expected profit and reduce financial risk.