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We consider the problem of a wind power producer trading energy in short-term electricity markets. The producer is a price-taker in the day-ahead market, but a price-maker in the balancing market, and aims at optimizing its expected revenues from these market floors. The problem is formulated as a Mathematical Program with Equilibrium Constraints (MPEC) and(More)
To a large extent, electricity markets worldwide still rely on deterministic procedures for clearing energy and reserve auctions. However, larger and larger shares of the production mix consist of renewable sources whose nature is stochastic and non-dispatchable, as their output is not known with certainty and cannot be controlled by the operators of the(More)
Heat pumps (HP) and electric immersion boilers (EB) have great potential to increase flexibility in energy systems. In parallel, decreasing taxes on electricity-based heat production are creating a more favorable economic environment for the deployment of these units in Denmark. In this paper, the economic value of heat pumps and electric boilers is(More)
Modeling the optimal bid of wind power producers as price-makers is paramount for understanding the effect of their large-scale participation in electricity markets. We consider the problem of a wind power producer being a price-taker in the day-ahead market, but a price-maker in the balancing market, who aims at optimizing the expected revenues from these(More)
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