Declaration strategy of wind power and pumped storage participating in the power market considering multiple uncertainties

Hongze Li, Xumeng Li, Yuanyuan Zhang, Yihang Zhao, Jiaqi Pan and Huiru Zhao

Energy, 2024, vol. 293, issue C

Abstract: Wind power and pumped storage combined system (WPCS), as an entity integrates multiple energy sources, can provide a reliable overall power supply by optimizing the management of available resources, helping to combat the serious climate change challenges. In order to address the participation of combination system in multiple market operations and multiple uncertainties, this paper proposes a joint declaration strategy for WPCS to participate in the electricity market (EM) and frequency regulation market (FRM). Firstly, the trading mechanism is developed for WPCS to collaborate in power markets. Secondly, a joint declaration and dispatching strategy decision-making model of WPCS is constructed, and the uncertainty of market prices and wind power output in the model is processed by using the information gap decision theory-distribution robust optimization (IGDT-DRO) technique. Finally, simulations implemented on an actual WPCS are delivered to show that: 1) WPCS achieved an expected profit by 8.79% and decrease deviation penalty costs by 58.81% through multi energy complementary operation. 2) Compared with the single market, WPCS can increase the expected profit by 77.5% in the joint declaration of multi-markets.3) IGDT-DRO technology can simultaneously manage the uncertainty of both price and electricity. When the sample size increases tenfold, the runtime increases by less than 40%, which has advantages in data-driven and stable runtime.

Keywords: Wind power and pumped storage combination system (WPCS); Joint declaration strategy; Distributionally robust optimization (DRO); Information gap decision theory (IGDT); Uncertainty (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:energy:v:293:y:2024:i:c:s0360544224003967

DOI: 10.1016/j.energy.2024.130624

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