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Wind farm strategic investment considering forecast errors penalties in a nodal prices market

Abstract : In this work, we determine the optimal investment strategy of a wind producer in a local prices environment, taking into account the penalties for real-time imbalances. We assume these imbal- ances come from forecast errors on the considered renewable production only. To do so, we solve a bilevel optimization problem. The upper level problem corresponds to the revenue of the con- sidered producer, and the lower level problems correspond to the market clearings, taking place a day ahead of operations and on real-time. Indeed, we consider that imbalances penalties cor- respond to real-time prices such as is done in the American market PJM. Indeed, in a local prices framework, using real-time prices is a simple way to recover the financial amounts corresponding to the imbalances in power.
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https://hal-mines-paristech.archives-ouvertes.fr/hal-01002074
Contributor : Fiona Foucault <>
Submitted on : Friday, June 6, 2014 - 2:19:33 PM
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Long-term archiving on: : Saturday, September 6, 2014 - 10:58:03 AM

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  • HAL Id : hal-01002074, version 1

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Fiona Foucault, Robin Girard, Georges Kariniotakis. Wind farm strategic investment considering forecast errors penalties in a nodal prices market. EWEA 2014, Mar 2014, Spain. pp.1-9. ⟨hal-01002074⟩

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