PROJECT TITLE :
Wind Aggregation Via Risky Power Markets
Aggregation of diverse wind power sources can effectively scale back their uncertainty, and hence the value of wind energy integration. A risky power contract is proposed, by which wind power producers (WPPs) will trade unsure future power for efficient wind aggregation. A two-settlement market with each the risky power contract and a standard firm power contract is shown to have a unique competitive equilibrium (CE), characterized in closed form. The marginal contribution and variety contribution of each WPP to the group of all WPPs are fairly mirrored in the profit earned by this WPP at the CE. Moreover, the CE achieves the same total profit as achieved by a grand coalition of WPPs. In an exceedingly coalitional game setting, the profit allocation induced by the CE is always within the core, and is achieved via a non-cooperative risky power market. The benefits of the risky power market are demonstrated using wind generation and locational marginal value data for ten WPPs in the PJM interconnection.
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