Offering model for a virtual power plant based on stochastic programming

Hrvoje Pandžić, Juan M. Morales, Antonio J. Conejo and Igor Kuzle

Applied Energy, 2013, vol. 105, issue C, 282-292

Abstract: A virtual power plant aggregates various local production/consumption units that act in the market as a single entity. This paper considers a virtual power plant consisting of an intermittent source, a storage facility, and a dispatchable power plant. The virtual power plant sells and purchases electricity in both the day-ahead and the balancing markets seeking to maximize its expected profit. Such model is mathematically rigorous, yet computationally efficient.

Keywords: Virtual power plant; Electricity markets; Stochastic programming; Pumped hydro storage plant; Wind power plant (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (71)

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DOI: 10.1016/j.apenergy.2012.12.077

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