This paper presents a stochastic optimization-based approach applied to offer strategies of a wind power producer in a day-ahead electricity market. Further from facing the uncertainty on the wind power the market forces wind power producers to face the uncertainty of the market-clearing electricity price. Also, the producer faces penalties in case of being unable to fulfill the offer. An efficient mixed-integer linear program is presented to develop the offering strategies, having as a goal the maximization of profit. A case study with data from the Iberian Electricity Market is presented and results are discussed to show the effectiveness of the proposed approach.
CITATION STYLE
Laia, R., Pousinho, H. M. I., Melício, R., Mendes, V. M. F., & Collares-Pereira, M. (2015). Offering strategies of wind power producers in a day-ahead electricity market. In IFIP Advances in Information and Communication Technology (Vol. 450, pp. 385–394). Springer New York LLC. https://doi.org/10.1007/978-3-319-16766-4_41
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