Showing 1 results for Stochastic Programming.
Mr. Yousef Parzivand, Dr. Vahid Vahidinasab,
Volume 17, Issue 3 (10-2014)
Abstract
Intermittency of the wind power output is a main problem in wind energy extraction. To cope with this problem, pumped-storage units have been introduced. This paper investigates the combined optimization of a wind farm and a pumped-storage facility for the point of view of a generation company in a pool based electricity market. The optimization model is formulated as a two-stage stochastic programming problem with three random parameters: electricity price, wind generation, as well as units’ unavailability. In the proposed stochastic model, the optimal offering strategies for the day-ahead electricity market are the “here and now” decision variables while the optimal operation of the facilities are the recourse variables. In order to better show the effect of pumped-storage units on cost reduction and/or profit increment, a joint configuration is proposed and its results compared with uncoordinated operation.