Open AccessOptimal stochastic scheduling of thermal‐wind GENCOs trading in the day‐ahead market including bilateral contracts with BSS
Author(s) -
Gong Naiwei,
Luo Xianjue,
Ma Honglian,
Wang Qi,
Wang Kaiyan
Publication year - 2018
Publication title -
iet generation, transmission and distribution
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.92
H-Index - 110
eISSN - 1751-8695
pISSN - 1751-8687
DOI - 10.1049/iet-gtd.2018.0060
Subject(s) - bidding , electricity market , profit (economics) , computer science , renewable energy , grid , electricity , mathematical optimization , wind power , scheduling (production processes) , operations research , microeconomics , economics , engineering , electrical engineering , mathematics , geometry
With the traditional vertically integrated electric market transforming into a liberalised one, the generation side consisting of various generation companies (GENCOs) is separated from the grid. This transformation gives opportunity for GENCOs to enhance their own profits by expanding business. One example is to establish bilateral contracts directly with the end users. This study considers a thermal‐wind GENCO trading with the grid in the pool‐based electricity energy market and meanwhile signs bilateral contracts with a battery swapping station (BSS). The operation framework for this GENCO to maximise its profit under uncertain information is proposed. A two‐stage stochastic model is adopted to formulate the profit of the GENCO with the uncertain wind power, electricity market price and stochastic BSS electricity demand. The stochastic problem is transformed into deterministic mixed‐integer linear programme and solved by CPLEX. The impact of bilateral contract capacity, contract price, degree of uncertainties and the wind power penetration on the final profit is analysed. This work provides a novel operation framework for GENCOs, and provides feasible bidding strategy and scheduling under uncertain conditions, especially for GENCOs owning renewable energy.