Optimal management of a wind power plant with storage capacity

Jérôme Collet (), Olivier Féron () and Peter Tankov ()
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Jérôme Collet: EDF Lab
Olivier Féron: EDF Lab
Peter Tankov: CREST; ENSAE ParisTech

No 2017-87, Working Papers from Center for Research in Economics and Statistics

Abstract: We consider the problem of a wind producer who has access to the spot and intraday electricity markets and has the possibility of partially storing the produced energy using a battery storage facility. The aim of the producer is to maximize the expected gain of selling in the market the energy produced during a 24-hour period. We propose and calibrate statistical models for the power production and the intraday electricity price, and compute the optimal strategy of the producer via dynamic programming.

Keywords: wind power generation; battery storage; intraday electricity market; stochastic control (search for similar items in EconPapers)
Pages: 19 pages
Date: 2017-11-02
New Economics Papers: this item is included in nep-ene and nep-reg
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