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Optimization in Renewable Energy Systems by Ozan Erdinc

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Chapter 4

Optimum Bidding of Renewable Energy System Owners in Electricity Markets

Ting Dai,    Siemens, Greater Minneapolis-St. Paul, MI, United States

Abstract

The main challenge faced by the renewable energy system owners in the electricity market comes from the uncertainty of the renewable energy productions. To help them survive in the competitive market, this chapter introduced the stochastic programming to model the uncertainties and build bidding strategies for the renewable energy owners. Two types of the renewable energy owners—price-takers and price-makers are considered in this chapter and different models are proposed accordingly. The conditional value at risk is used to compute the risks associated with the bidding strategies. The ...

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