PROJECT TITLE :

Market Mechanisms for Buying Random Wind

ABSTRACT:

The intermittent nature of wind power ends up in the question of how wind power producers will participate in an exceedingly deregulated electricity market. Within the proposed auction paradigm, wind farms bid chance distributions of generation, rather than bidding price functions as thermal units do. Our focus is to style incentive compatible mechanisms that elicit truthful information of strategic agents who provide stochastic resource. We 1st study the aggregators problem of how to pick out the wind farms, that have the foremost fascinating distributions. We tend to then study the freelance system operators (ISOs) drawback of how to price wind energy for stochastic economic dispatch.


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