Strategic Offering for Wind Power Producers Considering Energy and Flexible Ramping Products

Xin Fang, Venkat Krishnan, Brian Hodge

Research output: Contribution to journalArticlepeer-review

9 Scopus Citations

Abstract

The increasing deployments of renewable generation methods, such as wind, affects the flexibility of electric power system operating due to their inherent variability and uncertainty. To mitigate this, power systems need flexible resources. This paper investigates the potential for wind power to provide flexible ramping products in the real-time market, an additional value stream to the energy it provides. The proposed model for wind power's strategic offering is formulated as a bi-level optimization problem with wind profit maximization at the upper level and the independent system operator's economic dispatch-considering both the energy balance and the flexible ramping requirement to counter uncertainty-at the lower level. This bi-level model is converted to a mathematical program with equilibrium constraints (MPEC) by recasting the lower level problem with its Karush-Kuhn-Tucker optimality conditions. Then, through strong duality theory and the big-M method, the MPEC model is converted to a mixed-integer linear programming model. The opportunity cost and the price for wind power-providing ramping products are analyzed. Numerical examples based on a 5-bus network are presented to verify the proposed model and concept.

Original languageAmerican English
Article numberen11051239
Number of pages19
JournalEnergies
Volume11
Issue number5
DOIs
StatePublished - 2018

Bibliographical note

Publisher Copyright:
© 2018 by the authors.

NREL Publication Number

  • NREL/JA-5D00-71177

Keywords

  • Electricity market
  • Flexible ramping
  • Mathematical program with equilibrium constraints
  • Strategic offers
  • Wind power

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