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Coordinated Strategy of Price-maker Renewable Generation and Thermal Units in Elrctricity Market

Goodarzi, Hamed | 2016

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  1. Type of Document: M.Sc. Thesis
  2. Language: Farsi
  3. Document No: 48697 (05)
  4. University: Sharif University of Technology
  5. Department: Electrical Engineering
  6. Advisor(s): Ranjbar, Ali Mohammad
  7. Abstract:
  8. Wind energy, as a type of renewable energy resource, is clean and is rapidly growing globally. The intermittency in the production of wind energy is the most major obstacle for these producers in a competitive electricity market, to compete with thermal units. Most existing models in the literature mitigate the risk of wind power, by coordinating them with energy storages such as pumped storages power plant. Here, in this thesis, another risk mitigation approach is introduced which combines wind energy and natural gas power plant in an electricity market. In addition, as the penetration level of wind power grows, the wind power producers must be considered as a price-maker player which their strategic bidding behavior affect the locational marginal prices. Therefore, in this thesis, a bilevel stochastic optimization framework is proposed to determine the strategic bidding of a wind generation which combines with a thermal unit. In the proposed bilevel framework, the upper level maximizes the profit of a generation company consisting of wind power and thermal units. In the lower level, the day-ahead energy market is modeled which minimizes the operation costs of power system. In this bilevel framework, different uncertainties of model (demand, wind energy generation, the bidding behavior of other strategic generation companies, and natural gas pipelines constraints) is represented by scenarios. The risk due to these uncertainties is managed by adding a term into the objective function. This term, which is known as a conditional value at risk (CVaR), finds the monetary penalties in the worst scenarios. Here, by using Karush–Kuhn–Tucker conditions, the bilevel model is transformed into a mathematical programming with equilibrium constraints (MPEC) problem. Then, by applying strong duality theorem, the resulted MPEC problem is changed into a mixed integer linear programming (MILP). Finally, in the case study, the proposed model is tested by implementing on the modified IEEE 8 and 30 bus test systems
  9. Keywords:
  10. Electricity Market ; Risk Management ; Wind Power Plant ; Bidding Strategy ; Mathematical Programs with Equilibrium Constraints (MPEC)Game Theory ; Renewable Energy Resources ; Renewable Power Plants ; Bilevel Optimization Problems ; Gas Power Plants

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