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Optimization of Wind Power Producer Participation in Electricity Markets with Energy Storage in a Way of Energy 4.0

  • Isaias L. R. Gomes
  • Hugo M. I. Pousinho
  • Rui MelícioEmail author
  • Victor M. F. Mendes
Conference paper
First Online:
Part of the Advances in Intelligent Systems and Computing book series (AISC, volume 649)

Abstract

This paper proposes a problem formulation to aid as a support information management system of a wind power producer having energy storage devices and participating in electricity markets. Energy storage can play an important role in the reduction of uncertainties faced by a wind power producer. Excess of conversion of wind energy into electric energy can be stored and then released at favorable hours. Energy storage provides capability for arbitrage and increases the revenue of the wind power producers participating in electricity markets. The formulation models the wind power and the market prices as stochastic processes represented by a set of convenient scenarios. The problem is solved by a powerful stochastic mixed integer linear programming problem. A case study using data from the Iberian Electricity Market is presented to show the aid of the formulation.

Keywords

Electricity markets Energy storage Mixed integer linear programming Stochastic optimization Wind power 
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Notes

Acknowledgments

To thank the Millennium BCP Foundation for the financial support; the current study was funded in part by Fundação para a Ciência e a Tecnologia (FCT), under project UID/EMS/00151/2013 C-MAST, with reference POCI-01-0145-FEDER-007718.

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Copyright information

© Springer International Publishing AG 2018

Authors and Affiliations

  • Isaias L. R. Gomes
    • 1
    • 2
    • 3
  • Hugo M. I. Pousinho
    • 2
  • Rui Melício
    • 1
    • 2
    Email author
  • Victor M. F. Mendes
    • 1
    • 4
    • 5
  1. 1.Departamento de Física, Escola de Ciências e TecnologiaUniversidade de ÉvoraÉvoraPortugal
  2. 2.IDMEC, Instituto Superior TécnicoUniversidade de LisboaLisbonPortugal
  3. 3.ICT, Instituto de Ciências da TerraUniversidade de ÉvoraÉvoraPortugal
  4. 4.Instituto Superior of Engenharia de LisboaLisbonPortugal
  5. 5.C‐MAST Center for Mechanical and Aerospace Sciences and TechnologyCovilhãPortugal

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