Indian Journal of Science and Technology

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Risk Management Strategies for a Wind Power Producer in Electricity Markets


Affiliations
1 Department of Electrical Engineering, Naragh Branch, Islamic Azad University, Naragh, Iran, Islamic Republic of
 

Under a market framework, the development of optimal offering strategies is crucial for wind power producers to achieve maximum profit. In this paper, a two-stage stochastic programming approach is proposed, considering the uncertainties on wind power production and electricity market prices. An artificial intelligence model allows generating wind-price scenarios. Also, risk management is appropriately addressed. Results from a real-world case study are presented, in order to illustrate the proficiency of the proposed approach.

Keywords

Risk, Generation, Wind Energy, Uncertainty, Producer
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  • Risk Management Strategies for a Wind Power Producer in Electricity Markets

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Authors

Mohammadreza Janghorbani
Department of Electrical Engineering, Naragh Branch, Islamic Azad University, Naragh, Iran, Islamic Republic of
Seyed Mohammad Shariatmadar
Department of Electrical Engineering, Naragh Branch, Islamic Azad University, Naragh, Iran, Islamic Republic of
Vahid Amir
Department of Electrical Engineering, Naragh Branch, Islamic Azad University, Naragh, Iran, Islamic Republic of
Mohammad Ghanbari Jolfaei
Department of Electrical Engineering, Naragh Branch, Islamic Azad University, Naragh, Iran, Islamic Republic of
Ali Madanimohammadi
Department of Electrical Engineering, Naragh Branch, Islamic Azad University, Naragh, Iran, Islamic Republic of

Abstract


Under a market framework, the development of optimal offering strategies is crucial for wind power producers to achieve maximum profit. In this paper, a two-stage stochastic programming approach is proposed, considering the uncertainties on wind power production and electricity market prices. An artificial intelligence model allows generating wind-price scenarios. Also, risk management is appropriately addressed. Results from a real-world case study are presented, in order to illustrate the proficiency of the proposed approach.

Keywords


Risk, Generation, Wind Energy, Uncertainty, Producer



DOI: https://doi.org/10.17485/ijst%2F2014%2Fv7i8%2F54354