Optimal energy storage sizing and offering strategy for the presence of wind power plant with energy storage in the electricity market

Summary The current paper aims to simultaneously propose wind power and charge and discharge curve of the battery and analysis effect of the battery on the offering wind power in the different conditions. This paper aims to determine optimal battery specifications to maximize the objective function in a new method, given the impact of battery costs in the objective function. The proposed strategy is based on the production probabilistic scenarios for wind power generation and electricity prices on the day ahead market. Moreover, the penalty factors are used to account for changes to the proposed wind power. Reducing the effective number of scenarios and assign probabilities to each scenario is conducted using self‐organizing feature map neural network in a new method. A 2‐stage stochastic programming method and PSO meta‐heuristic algorithm are used in maximizing the objective function. The simulation results show the effectiveness of the proposed strategy.