Robust Optimization Model for Photovoltaic Power Producer’s Bidding Decision-Making in Electricity Market
Joint Authors
Wang, Yuwei
Sun, Wei
Liu, Lifeng
Gao, Huisheng
Source
Mathematical Problems in Engineering
Issue
Vol. 2020, Issue 2020 (31 Dec. 2020), pp.1-8, 8 p.
Publisher
Hindawi Publishing Corporation
Publication Date
2020-05-30
Country of Publication
Egypt
No. of Pages
8
Main Subjects
Abstract EN
With the deepening of electricity market (EM) reform and the high penetration of photovoltaic (PV) energy in power system, the uncertainties of a PV power output and fluctuation of EM prices would bring substantial financial risks for PV power producers (PPPs).
This paper proposed a robust optimization model for PPP’s power bidding decision-making.
Specifically, the random PV power outputs are modeled by the uncertainty set, which need no probabilistic information and can fully depict the continuous range of uncertainties.
Subsequently, with respect to any scenario for day-ahead EM prices, PPP’s optimal power bidding strategy is obtained under the worst-case realization within the uncertainty set, which guarantees the robustness in resisting the negative impact of random PV power outputs on PPP’s profit.
Moreover, a reformulation approach was introduced for equivalently transforming our model into a tractable framework.
Simulation was implemented to validate the feasibility and effectiveness of applying our proposed model.
American Psychological Association (APA)
Liu, Lifeng& Gao, Huisheng& Wang, Yuwei& Sun, Wei. 2020. Robust Optimization Model for Photovoltaic Power Producer’s Bidding Decision-Making in Electricity Market. Mathematical Problems in Engineering،Vol. 2020, no. 2020, pp.1-8.
https://search.emarefa.net/detail/BIM-1196529
Modern Language Association (MLA)
Liu, Lifeng…[et al.]. Robust Optimization Model for Photovoltaic Power Producer’s Bidding Decision-Making in Electricity Market. Mathematical Problems in Engineering No. 2020 (2020), pp.1-8.
https://search.emarefa.net/detail/BIM-1196529
American Medical Association (AMA)
Liu, Lifeng& Gao, Huisheng& Wang, Yuwei& Sun, Wei. Robust Optimization Model for Photovoltaic Power Producer’s Bidding Decision-Making in Electricity Market. Mathematical Problems in Engineering. 2020. Vol. 2020, no. 2020, pp.1-8.
https://search.emarefa.net/detail/BIM-1196529
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references
Record ID
BIM-1196529