Minimization of imbalance cost trading wind power on the short-term power market

@article{Matevosyan2005MinimizationOI,
  title={Minimization of imbalance cost trading wind power on the short-term power market},
  author={Julija Matevosyan and L. Soder},
  journal={2005 IEEE Russia Power Tech},
  year={2005},
  pages={1-7}
}
Present power markets are designed for trading conventional generation. For wind generation to participate in a short-term energy market, lengthy wind power production forecasts are required. Although wind speed forecasting techniques are constantly improving, wind speed forecasts are never perfect, and resulting wind power forecast errors imply imbalance costs for wind farm owners. In this paper, a new method for minimization of imbalance costs is developed. Stochastic programming is used to… CONTINUE READING
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