Abstract

Currently, renewable energy generation has received more and more attention. This article focuses on wind energy generation, one of the renewable energy sources. Aiming at the intermittent and unpredictable wind power problems, according to the day ahead bidding mechanism in the power market, this paper introduces the energy storage system to maximize wind power merchants profit based on the newsvendor model. First, this paper focuses on the wind farms combined with storage system to put forward the optimal bidding decision of selling or buying electricity to the market one day in advance and the optimal bidding amount. Then, we analyze the relationship between the optimal bid amount and the market penalty price coefficient, government subsidy, storage system charge and discharge efficiency, and other parameters. Based on the analysis of various parameters, power generation companies can make reasonable bidding decisions and amount to maximize profits.

Department(s)

Electrical and Computer Engineering

Comments

National Natural Science Foundation of China, Grant 71671092

Keywords and Phrases

energy storage; newsvendor model; optimization and scheduling; power mar- ket; wind farms

International Standard Serial Number (ISSN)

2512-6660; 1478-9906

Document Type

Article - Journal

Document Version

Citation

File Type

text

Language(s)

English

Rights

© 2025 Journal of Systems Science and Information, All rights reserved.

Publication Date

01 Feb 2022

Download

Full Text Link

Share

 
COinS