scholarly journals Wind Power Bidding Strategy Based on the Minimax Regret Criterion with Limited Distribution Information

2014 ◽  
Vol 02 (04) ◽  
pp. 169-175
Author(s):  
Yashan Mao ◽  
Jianfang Tian ◽  
Qiaozhu Zhai
Keyword(s):  
Wind Power ◽  
Bidding Strategy ◽  
Minimax Regret ◽  
Limited Distribution ◽  
Minimax Regret Criterion

scholarly journals Influence of Wind Power on Modeling of Bidding Strategy in a Promising Power Market with a Modified Gravitational Search Algorithm

2021 ◽  
Vol 11 (10) ◽  
pp. 4438
Author(s):  
Satyendra Singh ◽  
Manoj Fozdar ◽  
Hasmat Malik ◽  
Maria del Valle Fernández Moreno ◽  
Fausto Pedro García Márquez
Keyword(s):  
Wind Power ◽  
Electricity Market ◽  
Large Scale ◽  
Search Algorithm ◽  
Gravitational Search Algorithm ◽  
Optimization Methods ◽  
Bidding Strategy ◽  
Wind Speed Profile ◽  
Gravitational Search ◽  
Modified Gravitational Search Algorithm

It is expected that large-scale producers of wind energy will become dominant players in the future electricity market. However, wind power output is irregular in nature and it is subjected to numerous fluctuations. Due to the effect on the production of wind power, producing a detailed bidding strategy is becoming more complicated in the industry. Therefore, in view of these uncertainties, a competitive bidding approach in a pool-based day-ahead energy marketplace is formulated in this paper for traditional generation with wind power utilities. The profit of the generating utility is optimized by the modified gravitational search algorithm, and the Weibull distribution function is employed to represent the stochastic properties of wind speed profile. The method proposed is being investigated and simplified for the IEEE-30 and IEEE-57 frameworks. The results were compared with the results obtained with other optimization methods to validate the approach.

scholarly journals Risk-Constrained Bidding Strategy for a Joint Operation of Wind Power and CAES Aggregators

2020 ◽  
Vol 11 (1) ◽  
pp. 457-466 ◽  
Author(s):  
Sahand Ghavidel ◽  
Mojtaba Jabbari Ghadi ◽  
Ali Azizivahed ◽  
Jamshid Aghaei ◽  
Li Li ◽  
...  
Keyword(s):  
Wind Power ◽  
Bidding Strategy ◽  
Joint Operation

Benefits of demand response on a wind power producer bidding strategy

2015 ◽  
Author(s):  
Christos K. Simoglou ◽  
Evaggelos G. Kardakos ◽  
Anastasios G. Bakirtzis
Keyword(s):  
Wind Power ◽  
Demand Response ◽  
Bidding Strategy

scholarly journals Design of Biomass Combined Heat and Power (CHP) Systems based on Economic Risk using Minimax Regret Criterion

2018 ◽  
Vol 152 ◽  
pp. 01006 ◽  
Author(s):  
Wen Choong Ling ◽  
Viknesh Andiappan ◽  
Yoke Kin Wan
Keyword(s):  
Energy Demand ◽  
Research Work ◽  
Minimax Regret ◽  
Economic Risk ◽  
Energy Potential ◽  
Plant Sensitivity ◽  
Minimax Regret Criterion ◽  
Chp System ◽  
The Given

It is a great challenge to identify optimum technologies for CHP systems that utilise biomass and convert it into heat and power. In this respect, industry decision makers are lacking in confidence to invest in biomass CHP due to economic risk from varying energy demand. This research work presents a linear programming systematic framework to design biomass CHP system based on potential loss of profit due to varying energy demand. Minimax Regret Criterion (MRC) approach was used to assess maximum regret between selections of the given biomass CHP design based on energy demand. Based on this, the model determined an optimal biomass CHP design with minimum regret in economic opportunity. As Feed-in Tariff (FiT) rates affects the revenue of the CHP plant, sensitivity analysis was then performed on FiT rates on the selection of biomass CHP design. Besides, design analysis on the trend of the optimum design selected by model was conducted. To demonstrate the proposed framework in this research, a case study was solved using the proposed approach. The case study focused on designing a biomass CHP system for a palm oil mill (POM) due to large energy potential of oil palm biomass in Malaysia.

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