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PROJECT TITLE :

Operational Strategies for a Portfolio of Wind Farms and CHP Plants in a Two-Price Balancing Market

ABSTRACT:

During this paper, we have a tendency to explore the portfolio result of a system consisting of a combined heat and power (CHP) plant and a wind farm. The goal is to extend the general profit of the portfolio by reducing imbalances and, consequently, their implicit penalty in an exceedingly two-worth balancing market for electricity. We have a tendency to investigate 2 totally different operational strategies, that differ in whether or not the CHP plant and therefore the wind farm are operated jointly or independently, and we have a tendency to evaluate their economic performance on a true case study primarily based on a CHP-wind system located in the western half of Denmark. We have a tendency to present a comprehensive mathematical model for describing the various heat and power production units of the CHP plant and recommend completely different ways of determining its operation in a setup with 2 trading floors: a day-ahead market and a balancing market. We have a tendency to build a simulation framework that runs in a rolling-horizon fashion, thus that forecasts for heat demand, wind power production, and market prices are updated at every iteration. We tend to conclude that the portfolio strategy is the most profitable due to the 2-price structure of the balancing market. This encourages producers to handle their imbalances outside the market.


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