Abstract
In order to participate in energy market, variable renewable energy
sources need to reduce the uncertainty of forecast errors. Inclusion of
storage can be a viable option not only to minimize the penalties due to
forecast uncertainties but also to maximize the revenue generation. This
paper presents a
decision framework for respecting the market constraints and maximise
the revenues of a wind and storage power plant. Wind power and price
forecast are used in convex optimisation algorithm for making day ahead
decisions on battery operation. This day ahead optimisation results feed
to an algorithm for operating in the balancing market. Several scenarios
and case studies have been simulated to assess the value of storage for
revenue maximization of a wind power plant. The results show that
proposed algorithms can increase the revenue by more than 10% compared
to the operation of wind power plant without battery.