Stochastic Optimal Regulation Service Strategy for a Wind Farm Participating in the Electricity Market

Baohua Zhang; Weihao Hu; Zhe Chen

doi:10.1109/ISGT-Asia.2015.7387083

Stochastic Optimal Regulation Service Strategy for a Wind Farm Participating in the Electricity Market

Baohua Zhang, Weihao Hu, Zhe Chen

AAU Energy

Research output: Contribution to book/anthology/report/conference proceeding › Article in proceeding › Research › peer-review

3 Citations (Scopus)

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Abstract

As modern wind farmshave the ability to provideregulation service for the power system, wind power plant operators may be motivated to participate in the regulating market to maximize their profit.In this paper, anoptimal regulation servicestrategy for a wind farm to participate in the regulatingmarket is proposed. The relationship between up regulation price and wind power level,and the relationship between the probability of up regulation and the wind power level are studied. Thestochastic optimizationis adopted to find the optimal ratiofor regulation service. The Monte Carlo method is used in the stochastic optimization to deal with the uncertainty of the up regulation price and the up regulation activation of the power system.The Danish short-term electricity market and a wind farm in western Denmark are chosen to evaluate the effect of the proposed strategy. Simulation results showthe proposed strategy can increase the revenue of wind farms by leavinga certain amount of wind powerfor regulation service.

Original language	English
Title of host publication	Proceedings of IEEE PES Innovative Smart Grid Technologies 2015 Asian Conference, Bangkok, Thailand, Nov 2015
Number of pages	5
Publisher	IEEE Press
Publication date	Nov 2015
Pages	1-5
DOIs	https://doi.org/10.1109/ISGT-Asia.2015.7387083
Publication status	Published - Nov 2015
Event	2015 IEEE PES Innovative Smart Grid Technologies Conference - Asia (ISGT Asia) - Bangkok, Thailand Duration: 4 Nov 2015 → 6 Nov 2015

Conference

Conference	2015 IEEE PES Innovative Smart Grid Technologies Conference - Asia (ISGT Asia)
Country/Territory	Thailand
City	Bangkok
Period	04/11/2015 → 06/11/2015

Keywords

Wind farm
Optimal regulation service startegy
Stochastic optimization
Regulating market
Revenue maximizing

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Stochastic Optimal Regulation Service Strategy for a Wind Farm Participating in the Electricity MarketAccepted author manuscript, 249 KB

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title = "Stochastic Optimal Regulation Service Strategy for a Wind Farm Participating in the Electricity Market",

abstract = "As modern wind farmshave the ability to provideregulation service for the power system, wind power plant operators may be motivated to participate in the regulating market to maximize their profit.In this paper, anoptimal regulation servicestrategy for a wind farm to participate in the regulatingmarket is proposed. The relationship between up regulation price and wind power level,and the relationship between the probability of up regulation and the wind power level are studied. Thestochastic optimizationis adopted to find the optimal ratiofor regulation service. The Monte Carlo method is used in the stochastic optimization to deal with the uncertainty of the up regulation price and the up regulation activation of the power system.The Danish short-term electricity market and a wind farm in western Denmark are chosen to evaluate the effect of the proposed strategy. Simulation results showthe proposed strategy can increase the revenue of wind farms by leavinga certain amount of wind powerfor regulation service.",

keywords = "Wind farm, Optimal regulation service startegy, Stochastic optimization, Regulating market, Revenue maximizing",

author = "Baohua Zhang and Weihao Hu and Zhe Chen",

year = "2015",

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doi = "10.1109/ISGT-Asia.2015.7387083",

language = "English",

pages = "1--5",

booktitle = "Proceedings of IEEE PES Innovative Smart Grid Technologies 2015 Asian Conference, Bangkok, Thailand, Nov 2015",

publisher = "IEEE Press",

note = "2015 IEEE PES Innovative Smart Grid Technologies Conference - Asia (ISGT Asia) ; Conference date: 04-11-2015 Through 06-11-2015",

}

Zhang, B, Hu, W & Chen, Z 2015, Stochastic Optimal Regulation Service Strategy for a Wind Farm Participating in the Electricity Market. in Proceedings of IEEE PES Innovative Smart Grid Technologies 2015 Asian Conference, Bangkok, Thailand, Nov 2015. IEEE Press, pp. 1-5, 2015 IEEE PES Innovative Smart Grid Technologies Conference - Asia (ISGT Asia), Bangkok, Thailand, 04/11/2015. https://doi.org/10.1109/ISGT-Asia.2015.7387083

Stochastic Optimal Regulation Service Strategy for a Wind Farm Participating in the Electricity Market. / Zhang, Baohua; Hu, Weihao; Chen, Zhe.
Proceedings of IEEE PES Innovative Smart Grid Technologies 2015 Asian Conference, Bangkok, Thailand, Nov 2015. IEEE Press, 2015. p. 1-5.

Research output: Contribution to book/anthology/report/conference proceeding › Article in proceeding › Research › peer-review

TY - GEN

T1 - Stochastic Optimal Regulation Service Strategy for a Wind Farm Participating in the Electricity Market

AU - Zhang, Baohua

AU - Hu, Weihao

AU - Chen, Zhe

PY - 2015/11

Y1 - 2015/11

N2 - As modern wind farmshave the ability to provideregulation service for the power system, wind power plant operators may be motivated to participate in the regulating market to maximize their profit.In this paper, anoptimal regulation servicestrategy for a wind farm to participate in the regulatingmarket is proposed. The relationship between up regulation price and wind power level,and the relationship between the probability of up regulation and the wind power level are studied. Thestochastic optimizationis adopted to find the optimal ratiofor regulation service. The Monte Carlo method is used in the stochastic optimization to deal with the uncertainty of the up regulation price and the up regulation activation of the power system.The Danish short-term electricity market and a wind farm in western Denmark are chosen to evaluate the effect of the proposed strategy. Simulation results showthe proposed strategy can increase the revenue of wind farms by leavinga certain amount of wind powerfor regulation service.

AB - As modern wind farmshave the ability to provideregulation service for the power system, wind power plant operators may be motivated to participate in the regulating market to maximize their profit.In this paper, anoptimal regulation servicestrategy for a wind farm to participate in the regulatingmarket is proposed. The relationship between up regulation price and wind power level,and the relationship between the probability of up regulation and the wind power level are studied. Thestochastic optimizationis adopted to find the optimal ratiofor regulation service. The Monte Carlo method is used in the stochastic optimization to deal with the uncertainty of the up regulation price and the up regulation activation of the power system.The Danish short-term electricity market and a wind farm in western Denmark are chosen to evaluate the effect of the proposed strategy. Simulation results showthe proposed strategy can increase the revenue of wind farms by leavinga certain amount of wind powerfor regulation service.

KW - Wind farm

KW - Optimal regulation service startegy

KW - Stochastic optimization

KW - Regulating market

KW - Revenue maximizing

U2 - 10.1109/ISGT-Asia.2015.7387083

DO - 10.1109/ISGT-Asia.2015.7387083

M3 - Article in proceeding

SP - 1

EP - 5

BT - Proceedings of IEEE PES Innovative Smart Grid Technologies 2015 Asian Conference, Bangkok, Thailand, Nov 2015

PB - IEEE Press

T2 - 2015 IEEE PES Innovative Smart Grid Technologies Conference - Asia (ISGT Asia)

Y2 - 4 November 2015 through 6 November 2015

ER -

Stochastic Optimal Regulation Service Strategy for a Wind Farm Participating in the Electricity Market

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