Weekly self-scheduling, forward contracting, and pool involvement for an electricity producer: an adaptive robust optimization approach
Autor(a) principal: | |
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Data de Publicação: | 2015 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.9/2951 |
Resumo: | his paper addresses the optimization under uncertainty of the self-scheduling, forward contracting, and pool involvement of an electricity producer operating a mixed power generation station, which combines thermal, hydro and wind sources, and uses a two stage adaptive robust optimization approach. In this problem the wind power production and the electricity pool price are considered to be uncertain, and are described by uncertainty convex sets. To solve this problem, two variants of a constraint generation algorithm are proposed, and their application and characteristics discussed. Both algorithms are used to solve two case studies based on two producers, each operating equivalent generation units, differing only in the thermal units’ characteristics. Their market strategies are investigated for three different scenarios, corresponding to as many instances of electricity price forecasts. The effect of the producers’ approach, whether conservative or more risk prone, is also investigated by solving each instance for multiple values of the so-called budget parameter. It was possible to conclude that this parameter influences markedly the producers’ strategy, in terms of scheduling, profit, forward contracting, and pool involvement. These findings are presented and analyzed in detail, and an attempted rationale is proposed to explain the less intuitive outcomes. Regarding the computational results, these show that for some instances, the two variants of the algorithms have a similar performance, while for a particular subset of them one variant has a clear superiority. |
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Weekly self-scheduling, forward contracting, and pool involvement for an electricity producer: an adaptive robust optimization approachRenewable energiesElectricity marketsRobust optimizationSchedulinghis paper addresses the optimization under uncertainty of the self-scheduling, forward contracting, and pool involvement of an electricity producer operating a mixed power generation station, which combines thermal, hydro and wind sources, and uses a two stage adaptive robust optimization approach. In this problem the wind power production and the electricity pool price are considered to be uncertain, and are described by uncertainty convex sets. To solve this problem, two variants of a constraint generation algorithm are proposed, and their application and characteristics discussed. Both algorithms are used to solve two case studies based on two producers, each operating equivalent generation units, differing only in the thermal units’ characteristics. Their market strategies are investigated for three different scenarios, corresponding to as many instances of electricity price forecasts. The effect of the producers’ approach, whether conservative or more risk prone, is also investigated by solving each instance for multiple values of the so-called budget parameter. It was possible to conclude that this parameter influences markedly the producers’ strategy, in terms of scheduling, profit, forward contracting, and pool involvement. These findings are presented and analyzed in detail, and an attempted rationale is proposed to explain the less intuitive outcomes. Regarding the computational results, these show that for some instances, the two variants of the algorithms have a similar performance, while for a particular subset of them one variant has a clear superiority.ElsevierRepositório do LNEGLima, Ricardo M.Novais, Augusto Q.Conejo, Antonio J.2016-04-28T14:13:41Z2015-01-01T00:00:00Z2015-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.9/2951engLima, R.M.; Novais, A.Q.; Conejo, A.J. - Weekly self-scheduling, forward contracting, and pool involvement for an electricity producer: an adaptive robust optimization approach. In: European Journal of Operational Research, 2015, Vol. 240, nº 2, p. 457-4750377-221710.1016/j.ejor.2014.07.013info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2022-09-06T12:28:15Zoai:repositorio.lneg.pt:10400.9/2951Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T15:36:06.989890Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Weekly self-scheduling, forward contracting, and pool involvement for an electricity producer: an adaptive robust optimization approach |
title |
Weekly self-scheduling, forward contracting, and pool involvement for an electricity producer: an adaptive robust optimization approach |
spellingShingle |
Weekly self-scheduling, forward contracting, and pool involvement for an electricity producer: an adaptive robust optimization approach Lima, Ricardo M. Renewable energies Electricity markets Robust optimization Scheduling |
title_short |
Weekly self-scheduling, forward contracting, and pool involvement for an electricity producer: an adaptive robust optimization approach |
title_full |
Weekly self-scheduling, forward contracting, and pool involvement for an electricity producer: an adaptive robust optimization approach |
title_fullStr |
Weekly self-scheduling, forward contracting, and pool involvement for an electricity producer: an adaptive robust optimization approach |
title_full_unstemmed |
Weekly self-scheduling, forward contracting, and pool involvement for an electricity producer: an adaptive robust optimization approach |
title_sort |
Weekly self-scheduling, forward contracting, and pool involvement for an electricity producer: an adaptive robust optimization approach |
author |
Lima, Ricardo M. |
author_facet |
Lima, Ricardo M. Novais, Augusto Q. Conejo, Antonio J. |
author_role |
author |
author2 |
Novais, Augusto Q. Conejo, Antonio J. |
author2_role |
author author |
dc.contributor.none.fl_str_mv |
Repositório do LNEG |
dc.contributor.author.fl_str_mv |
Lima, Ricardo M. Novais, Augusto Q. Conejo, Antonio J. |
dc.subject.por.fl_str_mv |
Renewable energies Electricity markets Robust optimization Scheduling |
topic |
Renewable energies Electricity markets Robust optimization Scheduling |
description |
his paper addresses the optimization under uncertainty of the self-scheduling, forward contracting, and pool involvement of an electricity producer operating a mixed power generation station, which combines thermal, hydro and wind sources, and uses a two stage adaptive robust optimization approach. In this problem the wind power production and the electricity pool price are considered to be uncertain, and are described by uncertainty convex sets. To solve this problem, two variants of a constraint generation algorithm are proposed, and their application and characteristics discussed. Both algorithms are used to solve two case studies based on two producers, each operating equivalent generation units, differing only in the thermal units’ characteristics. Their market strategies are investigated for three different scenarios, corresponding to as many instances of electricity price forecasts. The effect of the producers’ approach, whether conservative or more risk prone, is also investigated by solving each instance for multiple values of the so-called budget parameter. It was possible to conclude that this parameter influences markedly the producers’ strategy, in terms of scheduling, profit, forward contracting, and pool involvement. These findings are presented and analyzed in detail, and an attempted rationale is proposed to explain the less intuitive outcomes. Regarding the computational results, these show that for some instances, the two variants of the algorithms have a similar performance, while for a particular subset of them one variant has a clear superiority. |
publishDate |
2015 |
dc.date.none.fl_str_mv |
2015-01-01T00:00:00Z 2015-01-01T00:00:00Z 2016-04-28T14:13:41Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.9/2951 |
url |
http://hdl.handle.net/10400.9/2951 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Lima, R.M.; Novais, A.Q.; Conejo, A.J. - Weekly self-scheduling, forward contracting, and pool involvement for an electricity producer: an adaptive robust optimization approach. In: European Journal of Operational Research, 2015, Vol. 240, nº 2, p. 457-475 0377-2217 10.1016/j.ejor.2014.07.013 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Elsevier |
publisher.none.fl_str_mv |
Elsevier |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
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1799130227110051840 |