Hedging the Risk of Wind Power Production Using Dispatchable Energy Source-Reference-Cited by-同舟云学术

Hedging the Risk of Wind Power Production Using Dispatchable Energy Source

Published:2021-01-12 Issue:0 Volume:0 Page:
ISSN:2367-2404
Container-title:Stochastics and Quality Control
language:en
Short-container-title:

Author:

D’Amico Guglielmo¹^ORCID,Di Basilio Bice¹,Petroni Filippo²^ORCID

Affiliation:

1. Department of Economics , University “G. D’Annunzio” of Chieti-Pescara , 65127 Pescara , Italy

2. Department of Management , Marche Polytechnic University , 60121 Ancona , Italy

Abstract

Abstract In this paper we advance a nonlinear optimization problem for hedging wind power variability by using a dispatchable energy source (DES) like gas. The model considers several important aspects such as modeling of wind power production, electricity price, nonlinear penalization scheme for energy underproduction and interrelations among the considered variables. Results are given in terms of optimal co-generation policy with DES. The optimal policy is interpreted and analyzed in different penalization scenarios and related to a 48 MW hypothetical wind park. The model is suitable for integration of wind energy especially for isolated grids. Some probabilistic results for special moments of a Log-Normal distribution are obtained; they are necessary for the evolution of the optimal policy.

Publisher

Walter de Gruyter GmbH

Subject

Applied Mathematics,Discrete Mathematics and Combinatorics,Statistics, Probability and Uncertainty,Safety, Risk, Reliability and Quality,Statistics and Probability

Link

https://www.degruyter.com/document/doi/10.1515/eqc-2020-0033/pdf

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