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Offering model for a virtual power plant based on stochastic programming

Author

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  • Pandžić, Hrvoje
  • Morales, Juan M.
  • Conejo, Antonio J.
  • Kuzle, Igor

Abstract

A virtual power plant aggregates various local production/consumption units that act in the market as a single entity. This paper considers a virtual power plant consisting of an intermittent source, a storage facility, and a dispatchable power plant. The virtual power plant sells and purchases electricity in both the day-ahead and the balancing markets seeking to maximize its expected profit. Such model is mathematically rigorous, yet computationally efficient.

Suggested Citation

  • Pandžić, Hrvoje & Morales, Juan M. & Conejo, Antonio J. & Kuzle, Igor, 2013. "Offering model for a virtual power plant based on stochastic programming," Applied Energy, Elsevier, vol. 105(C), pages 282-292.
    • Handle: RePEc:eee:appene:v:105:y:2013:i:c:p:282-292
    DOI: 10.1016/j.apenergy.2012.12.077
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    References listed on IDEAS

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    7. Li, Gong & Shi, Jing & Qu, Xiuli, 2011. "Modeling methods for GenCo bidding strategy optimization in the liberalized electricity spot market–A state-of-the-art review," Energy, Elsevier, vol. 36(8), pages 4686-4700.
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