Optimal Sizing and Strategy of a Hybrid Energy Storage System for Smoothing Renewable Power Fluctuations: Considering uncertainty of PV and Wind Power Output

Developing renewable energy sources entails new challenges which have not been faced previously by the traditional grid. One of the issues is the variability of renewable resources due to their characteristics of weather. The intermittent nature produces uncertainty in generation output, especially in solar and wind power generation. As...

Increasing the Market Value of Wind Power Using Improved Stochastic Process Modeling and Optimization: A Case Study of a Belgian Wind Power Producer

Wind Power Producers (WPP) incur a negative result through mandatory participation on the balancing market. This study analyzes the performance of multiple improved offering strategies for a WPP offering both on the day-ahead market and the balancing market. It does so on revenue, as well as its impact on the grid and electricity market as a...