Optimal Bidding in Wind Farm Management

Alexandre Brouste and Alain Bensoussan

A chapter in Modeling, Simulation and Optimization of Wind Farms and Hybrid Systems from IntechOpen

Abstract: We study the problem of wind farm management, in which the manager commits himself to deliver energy in some future time. He reduces the consequences of uncertainty by using a storage facility (a battery, for instance). We consider a simplified model in discrete time, in which the commitment is for the next period. We solve an optimal control problem to define the optimal bidding decision. Application to a real dataset is done, and the optimal size of the battery (or the overnight costs) for the wind farm is determined. We then describe a continuous time version involving a delay between the time of decision and the implementation.

Keywords: optimal control; stochastic control; wind farm management; wind production forecast; storage (search for similar items in EconPapers)
JEL-codes: Q20 Q40 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ito:pchaps:194227

DOI: 10.5772/intechopen.89806

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