Optimal wind farm bids under different balancing market arrangements

  title={Optimal wind farm bids under different balancing market arrangements},
  author={K W Ravnaas and Hossein Farahmand and Gerard L. Doorman},
  journal={2010 IEEE 11th International Conference on Probabilistic Methods Applied to Power Systems},
If a wind power producer must pay the costs of imbalances, the question arises of what is the optimal bid, given the market rules and the statistical properties of the wind forecasts and the imbalance prices. In this paper we derive optimal wind power bids for two sets of market rules, reflecting previous and new rules in the Nordic power system. The optimal bids are based on the evaluation of a large number of scenarios for the realizations of the wind forecasts and the balancing market prices… CONTINUE READING
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