Decision Support Tools for Electricity Retailers, Wind Power and CHP Plants Using Probabilistic Forecasts

Decision Support Tools for Electricity Retailers, Wind Power and CHP Plants Using Probabilistic Forecasts

This paper reviews a number of applications of optimization under uncertainty in energy markets resulting from the research project ENSYMORA. A general mathematical formulation applicable to problems of optimization under uncertainty in energy markets is presented. This formulation can be effortless...

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Bibliographic Details
Main Authors: Marco Zugno, Juan Miguel Morales, Henrik Madsen
Format: Article
Language:English
Published: Aalborg University Press 2015-06-01
Series:International Journal of Sustainable Energy Planning and Management
Subjects:
stochastic programming
robust optimization;
probabilistic forecasting;
energy market
renewable energy
Online Access:https://journals.aau.dk/index.php/sepm/article/view/1034/1045
Description
Summary:This paper reviews a number of applications of optimization under uncertainty in energy markets resulting from the research project ENSYMORA. A general mathematical formulation applicable to problems of optimization under uncertainty in energy markets is presented. This formulation can be effortlessly adapted to describe different approaches: the deterministic one (usable within a rolling horizon scheme), stochastic programming and robust optimization. The different features of this mathematical formulation are duly interpreted with a view to the energy applications reviewed in this paper: trading for a price-maker wind power producer, management of heat and power systems, operation for retailers in a dynamic-price market. A selection of results shows the viability and appropriateness of the presented stochastic optimization approaches for managing energy systems under uncertainty.
ISSN:2246-2929
2246-2929

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