Optimal storage sizing for profit maximization of a wind power producer in energy market environment

Abdulrahman Aldeek; Ali T. Al-Awami

doi:10.1109/SASG.2014.7274300

Optimal storage sizing for profit maximization of a wind power producer in energy market environment

Abdulrahman Aldeek, Ali T. Al-Awami

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

1 Scopus citations

Abstract

This paper proposes an approach to optimally size storage system which will be used by a wind power producer who wants to bid in the Iberian day-ahead energy market. The proposed approach takes uncertainties of wind generation and market prices into consideration. The sizing problem will be treated as an optimization problem with an objective of maximizing the profit and it will be solved using Stochastic Linear programming. Market constraints were taken into account which will affect the decision of investment in Energy Storage System (ESS).

Original language	English
Title of host publication	2014 Saudi Arabia Smart Grid Conference, SASG 2014
Publisher	Institute of Electrical and Electronics Engineers Inc.
ISBN (Electronic)	9781479961580
DOIs	https://doi.org/10.1109/SASG.2014.7274300
State	Published - 2014

Publication series

Name	2014 Saudi Arabia Smart Grid Conference, SASG 2014

Bibliographical note

Publisher Copyright:
© 2014 IEEE.

Keywords

Day-ahead energy markets
Iberian Market
Imbalances
Profit maximization
Storage sizing
Uncertainties
Wind Energy

ASJC Scopus subject areas

Energy Engineering and Power Technology
Electrical and Electronic Engineering
Renewable Energy, Sustainability and the Environment

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

Access to Document

10.1109/SASG.2014.7274300

Cite this

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title = "Optimal storage sizing for profit maximization of a wind power producer in energy market environment",

abstract = "This paper proposes an approach to optimally size storage system which will be used by a wind power producer who wants to bid in the Iberian day-ahead energy market. The proposed approach takes uncertainties of wind generation and market prices into consideration. The sizing problem will be treated as an optimization problem with an objective of maximizing the profit and it will be solved using Stochastic Linear programming. Market constraints were taken into account which will affect the decision of investment in Energy Storage System (ESS).",

keywords = "Day-ahead energy markets, Iberian Market, Imbalances, Profit maximization, Storage sizing, Uncertainties, Wind Energy",

author = "Abdulrahman Aldeek and Al-Awami, \{Ali T.\}",

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year = "2014",

doi = "10.1109/SASG.2014.7274300",

language = "English",

series = "2014 Saudi Arabia Smart Grid Conference, SASG 2014",

publisher = "Institute of Electrical and Electronics Engineers Inc.",

booktitle = "2014 Saudi Arabia Smart Grid Conference, SASG 2014",

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Optimal storage sizing for profit maximization of a wind power producer in energy market environment. / Aldeek, Abdulrahman; Al-Awami, Ali T.
2014 Saudi Arabia Smart Grid Conference, SASG 2014. Institute of Electrical and Electronics Engineers Inc., 2014. 7274300 (2014 Saudi Arabia Smart Grid Conference, SASG 2014).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

TY - GEN

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AU - Aldeek, Abdulrahman

AU - Al-Awami, Ali T.

PY - 2014

Y1 - 2014

N2 - This paper proposes an approach to optimally size storage system which will be used by a wind power producer who wants to bid in the Iberian day-ahead energy market. The proposed approach takes uncertainties of wind generation and market prices into consideration. The sizing problem will be treated as an optimization problem with an objective of maximizing the profit and it will be solved using Stochastic Linear programming. Market constraints were taken into account which will affect the decision of investment in Energy Storage System (ESS).

AB - This paper proposes an approach to optimally size storage system which will be used by a wind power producer who wants to bid in the Iberian day-ahead energy market. The proposed approach takes uncertainties of wind generation and market prices into consideration. The sizing problem will be treated as an optimization problem with an objective of maximizing the profit and it will be solved using Stochastic Linear programming. Market constraints were taken into account which will affect the decision of investment in Energy Storage System (ESS).

KW - Day-ahead energy markets

KW - Iberian Market

KW - Imbalances

KW - Profit maximization

KW - Storage sizing

KW - Uncertainties

KW - Wind Energy

UR - https://www.scopus.com/pages/publications/84962307367

U2 - 10.1109/SASG.2014.7274300

DO - 10.1109/SASG.2014.7274300

M3 - Conference contribution

AN - SCOPUS:84962307367

T3 - 2014 Saudi Arabia Smart Grid Conference, SASG 2014

BT - 2014 Saudi Arabia Smart Grid Conference, SASG 2014

PB - Institute of Electrical and Electronics Engineers Inc.

ER -

Optimal storage sizing for profit maximization of a wind power producer in energy market environment

Abstract

Publication series

Bibliographical note

Keywords

ASJC Scopus subject areas

UN SDGs

Access to Document

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Cite this