Risk Management Strategies for a Wind Power Producer in Electricity Markets

Mohammadreza Janghorbani; Seyed Mohammad Shariatmadar; Vahid Amir; Mohammad Ghanbari Jolfaei and Ali Madanimohammadi

doi:10.17485/ijst/2014/v7i8.2

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Risk Management Strategies for a Wind Power Producer in Electricity Markets

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Indian Journal of Science and Technology

DOI: 10.17485/ijst/2014/v7i8.2

Year: 2014, Volume: 7, Issue: 8, Pages: 1107–1113

Original Article

Risk Management Strategies for a Wind Power Producer in Electricity Markets

Mohammadreza Janghorbani^*, Seyed Mohammad Shariatmadar, Vahid Amir, Mohammad Ghanbari Jolfaei and Ali Madanimohammadi

Department of Electrical Engineering, Naragh Branch, Islamic Azad University, Naragh, Iran; unesbahalke@gmail.com

This work is licensed under a Creative Commons Attribution 4.0 International License.

Abstract

Under a market framework, the development of optimal offering strategies is crucial for wind power producers to achieve maximum profit. In this paper, a two-stage stochastic programming approach is proposed, considering the uncertainties on wind power production and electricity market prices. An artificial intelligence model allows generating wind-price scenarios. Also, risk management is appropriately addressed. Results from a real-world case study are presented, in order to illustrate the proficiency of the proposed approach.

Keywords: Risk, Generation, Wind energy, Uncertainty, Producer