TY - JOUR
T1 - Risk-constrained coordination of cascaded hydro units with variable wind power generation
AU - Abreu, L. V.L.
AU - Khodayar, M. E.
AU - Shahidehpour, M.
AU - Wu, Lei
PY - 2012
Y1 - 2012
N2 - This paper presents a stochastic hourly coordination strategy for wind units and cascaded hydro generation as storage to firm up the hourly dispatch in a generating company (GENCO). The proposed strategy is based on the stochastic price-based unit commitment (Stochastic PBUC) formulation which includes wind energy imbalance charges. The forecast errors of electricity market price and wind speed are simulated with the Monte Carlo method via a scenario approach. The risk-aversion constraints are considered for limiting a GENCO's financial risks when considering uncertain wind power generation. The proposed optimization model is solved by mixed-integer linear programming (MIP) and illustrative examples examine the effectiveness of the proposed risk-based coordination model for optimizing a GENCO's payoff.
AB - This paper presents a stochastic hourly coordination strategy for wind units and cascaded hydro generation as storage to firm up the hourly dispatch in a generating company (GENCO). The proposed strategy is based on the stochastic price-based unit commitment (Stochastic PBUC) formulation which includes wind energy imbalance charges. The forecast errors of electricity market price and wind speed are simulated with the Monte Carlo method via a scenario approach. The risk-aversion constraints are considered for limiting a GENCO's financial risks when considering uncertain wind power generation. The proposed optimization model is solved by mixed-integer linear programming (MIP) and illustrative examples examine the effectiveness of the proposed risk-based coordination model for optimizing a GENCO's payoff.
KW - Cascaded hydro and wind coordination
KW - risk-aversion
KW - stochastic price-based unit commitment
UR - http://www.scopus.com/inward/record.url?scp=84883231269&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=84883231269&partnerID=8YFLogxK
U2 - 10.1109/TSTE.2012.2186322
DO - 10.1109/TSTE.2012.2186322
M3 - Article
AN - SCOPUS:84883231269
SN - 1949-3029
VL - 3
SP - 359
EP - 368
JO - IEEE Transactions on Sustainable Energy
JF - IEEE Transactions on Sustainable Energy
IS - 3
ER -