Optimal Wind Energy Scheduling under Volatile Resource and Market Price Conditions

Sai Goutham Golive; Reddy K. Srikanth; Lokesh Panwar; Rajesh Kumar; B. K. Panigrahi

doi:10.1109/ICEES.2018.8442353

Optimal Wind Energy Scheduling under Volatile Resource and Market Price Conditions

Sai Goutham Golive
, Reddy K. Srikanth
, Lokesh Panwar
, Rajesh Kumar
, B. K. Panigrahi

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

1 Citation (Scopus)

Abstract

This paper presents an optimal wind energy scheduling approach for the independent system operator (ISO) with considering the volatile nature of the wind energy resource and energy bids in real time. The optimal schedule minimizes total generation cost, real time contractual compensation costs rescheduling costs etc. The scheduling problem is modelled as two step optimization problem where day Ahead (DA) market and real time (RT) market conditions are considered. This approach uses front end information (bid information) available in DA market and expected price, wind energy variation in the RT market system. The proposed mechanism is validated using IEEE 30 bus data system and system results justifies effectiveness of the proposed model compared to deterministic model for optimal posturing of wind energy generation in deregulated electricity market through reduced RT balancing costs associated with compensation and rescheduling costs.

Original language	English
Title of host publication	Proceedings of the 4th International Conference on Electrical Energy Systems, ICEES 2018
Publisher	Institute of Electrical and Electronics Engineers Inc.
Pages	347-351
Number of pages	5
ISBN (Print)	9781538636954
DOIs	https://doi.org/10.1109/ICEES.2018.8442353
Publication status	Published - 20 Aug 2018
Externally published	Yes
Event	4th International Conference on Electrical Energy Systems, ICEES 2018 - Chennai, India Duration: 7 Feb 2018 → 9 Feb 2018

Publication series

Name	Proceedings of the 4th International Conference on Electrical Energy Systems, ICEES 2018

Conference

Conference	4th International Conference on Electrical Energy Systems, ICEES 2018
Country/Territory	India
City	Chennai
Period	7/02/18 → 9/02/18

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 7 Affordable and Clean Energy

Keywords

Day Ahead (DA)
Independent System Operator (ISO)
Market Clearing Price (MCP)
Real Time (RT)
Spot market
Wind energy

ASJC Scopus subject areas

Electrical and Electronic Engineering
Control and Optimization
Renewable Energy, Sustainability and the Environment
Energy Engineering and Power Technology

Access to Document

10.1109/ICEES.2018.8442353

Cite this

Golive, S. G., Srikanth, R. K., Panwar, L., Kumar, R., & Panigrahi, B. K. (2018). Optimal Wind Energy Scheduling under Volatile Resource and Market Price Conditions. In Proceedings of the 4th International Conference on Electrical Energy Systems, ICEES 2018 (pp. 347-351). Article 8442353 (Proceedings of the 4th International Conference on Electrical Energy Systems, ICEES 2018). Institute of Electrical and Electronics Engineers Inc.. https://doi.org/10.1109/ICEES.2018.8442353

Golive, Sai Goutham ; Srikanth, Reddy K. ; Panwar, Lokesh et al. / Optimal Wind Energy Scheduling under Volatile Resource and Market Price Conditions. Proceedings of the 4th International Conference on Electrical Energy Systems, ICEES 2018. Institute of Electrical and Electronics Engineers Inc., 2018. pp. 347-351 (Proceedings of the 4th International Conference on Electrical Energy Systems, ICEES 2018).

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title = "Optimal Wind Energy Scheduling under Volatile Resource and Market Price Conditions",

abstract = "This paper presents an optimal wind energy scheduling approach for the independent system operator (ISO) with considering the volatile nature of the wind energy resource and energy bids in real time. The optimal schedule minimizes total generation cost, real time contractual compensation costs rescheduling costs etc. The scheduling problem is modelled as two step optimization problem where day Ahead (DA) market and real time (RT) market conditions are considered. This approach uses front end information (bid information) available in DA market and expected price, wind energy variation in the RT market system. The proposed mechanism is validated using IEEE 30 bus data system and system results justifies effectiveness of the proposed model compared to deterministic model for optimal posturing of wind energy generation in deregulated electricity market through reduced RT balancing costs associated with compensation and rescheduling costs.",

keywords = "Day Ahead (DA), Independent System Operator (ISO), Market Clearing Price (MCP), Real Time (RT), Spot market, Wind energy",

author = "Golive, \{Sai Goutham\} and Srikanth, \{Reddy K.\} and Lokesh Panwar and Rajesh Kumar and Panigrahi, \{B. K.\}",

note = "Publisher Copyright: {\textcopyright} 2018 IEEE.; 4th International Conference on Electrical Energy Systems, ICEES 2018 ; Conference date: 07-02-2018 Through 09-02-2018",

year = "2018",

month = aug,

day = "20",

doi = "10.1109/ICEES.2018.8442353",

language = "English",

isbn = "9781538636954",

series = "Proceedings of the 4th International Conference on Electrical Energy Systems, ICEES 2018",

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Golive, SG, Srikanth, RK, Panwar, L, Kumar, R & Panigrahi, BK 2018, Optimal Wind Energy Scheduling under Volatile Resource and Market Price Conditions. in Proceedings of the 4th International Conference on Electrical Energy Systems, ICEES 2018., 8442353, Proceedings of the 4th International Conference on Electrical Energy Systems, ICEES 2018, Institute of Electrical and Electronics Engineers Inc., pp. 347-351, 4th International Conference on Electrical Energy Systems, ICEES 2018, Chennai, India, 7/02/18. https://doi.org/10.1109/ICEES.2018.8442353

Optimal Wind Energy Scheduling under Volatile Resource and Market Price Conditions. / Golive, Sai Goutham; Srikanth, Reddy K.; Panwar, Lokesh et al.
Proceedings of the 4th International Conference on Electrical Energy Systems, ICEES 2018. Institute of Electrical and Electronics Engineers Inc., 2018. p. 347-351 8442353 (Proceedings of the 4th International Conference on Electrical Energy Systems, ICEES 2018).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

TY - GEN

T1 - Optimal Wind Energy Scheduling under Volatile Resource and Market Price Conditions

AU - Golive, Sai Goutham

AU - Srikanth, Reddy K.

AU - Panwar, Lokesh

AU - Kumar, Rajesh

AU - Panigrahi, B. K.

PY - 2018/8/20

Y1 - 2018/8/20

N2 - This paper presents an optimal wind energy scheduling approach for the independent system operator (ISO) with considering the volatile nature of the wind energy resource and energy bids in real time. The optimal schedule minimizes total generation cost, real time contractual compensation costs rescheduling costs etc. The scheduling problem is modelled as two step optimization problem where day Ahead (DA) market and real time (RT) market conditions are considered. This approach uses front end information (bid information) available in DA market and expected price, wind energy variation in the RT market system. The proposed mechanism is validated using IEEE 30 bus data system and system results justifies effectiveness of the proposed model compared to deterministic model for optimal posturing of wind energy generation in deregulated electricity market through reduced RT balancing costs associated with compensation and rescheduling costs.

AB - This paper presents an optimal wind energy scheduling approach for the independent system operator (ISO) with considering the volatile nature of the wind energy resource and energy bids in real time. The optimal schedule minimizes total generation cost, real time contractual compensation costs rescheduling costs etc. The scheduling problem is modelled as two step optimization problem where day Ahead (DA) market and real time (RT) market conditions are considered. This approach uses front end information (bid information) available in DA market and expected price, wind energy variation in the RT market system. The proposed mechanism is validated using IEEE 30 bus data system and system results justifies effectiveness of the proposed model compared to deterministic model for optimal posturing of wind energy generation in deregulated electricity market through reduced RT balancing costs associated with compensation and rescheduling costs.

KW - Day Ahead (DA)

KW - Independent System Operator (ISO)

KW - Market Clearing Price (MCP)

KW - Real Time (RT)

KW - Spot market

KW - Wind energy

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U2 - 10.1109/ICEES.2018.8442353

DO - 10.1109/ICEES.2018.8442353

M3 - Conference contribution

AN - SCOPUS:85053490424

SN - 9781538636954

T3 - Proceedings of the 4th International Conference on Electrical Energy Systems, ICEES 2018

SP - 347

EP - 351

BT - Proceedings of the 4th International Conference on Electrical Energy Systems, ICEES 2018

PB - Institute of Electrical and Electronics Engineers Inc.

T2 - 4th International Conference on Electrical Energy Systems, ICEES 2018

Y2 - 7 February 2018 through 9 February 2018

ER -

Golive SG, Srikanth RK, Panwar L, Kumar R, Panigrahi BK. Optimal Wind Energy Scheduling under Volatile Resource and Market Price Conditions. In Proceedings of the 4th International Conference on Electrical Energy Systems, ICEES 2018. Institute of Electrical and Electronics Engineers Inc. 2018. p. 347-351. 8442353. (Proceedings of the 4th International Conference on Electrical Energy Systems, ICEES 2018). doi: 10.1109/ICEES.2018.8442353

Optimal Wind Energy Scheduling under Volatile Resource and Market Price Conditions

Abstract

Publication series

Conference

UN SDGs

Keywords

ASJC Scopus subject areas

Access to Document

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