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A Unified Trading Model Based on Robust Optimization for Day-Ahead and Real-Time Markets with Wind Power Integration

Yuewen Jiang,Meisen Chen,Shi You

Published 2017 in Energies

ABSTRACT

In a conventional electricity market, trading is conducted based on power forecasts in the day-ahead market, while the power imbalance is regulated in the real-time market, which is a separate trading scheme. With large-scale wind power connected into the power grid, power forecast errors increase in the day-ahead market which lowers the economic efficiency of the separate trading scheme. This paper proposes a robust unified trading model that includes the forecasts of real-time prices and imbalance power into the day-ahead trading scheme. The model is developed based on robust optimization in view of the undefined probability distribution of clearing prices of the real-time market. For the model to be used efficiently, an improved quantum-behaved particle swarm algorithm (IQPSO) is presented in the paper based on an in-depth analysis of the limitations of the static character of quantum-behaved particle swarm algorithm (QPSO). Finally, the impacts of associated parameters on the separate trading and unified trading model are analyzed to verify the superiority of the proposed model and algorithm.

PUBLICATION RECORD

  • Publication year

    2017

  • Venue

    Energies

  • Publication date

    2017-04-18

  • Fields of study

    Engineering, Environmental Science, Economics

  • Identifiers
    DOI 10.3390/EN10040554
  • External record

    Open on Semantic Scholar

  • Source metadata

    Semantic Scholar

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