Optimal management of a wind power plant with storage capacity

Jérôme Collet, Olivier Féron and Peter Tankov
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Jérôme Collet: EDF - EDF
Olivier Féron: EDF R&D MMC - Matériaux et Mécanique des Composants - EDF R&D - EDF R&D - EDF - EDF
Peter Tankov: CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - X - École polytechnique - IP Paris - Institut Polytechnique de Paris - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - IP Paris - Institut Polytechnique de Paris - CNRS - Centre National de la Recherche Scientifique

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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)
Date: 2017-11-02
New Economics Papers: this item is included in nep-ene and nep-reg
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