Wind energy allocation strategies for long-term contracts in open energy markets

Longoria, Genaro and Jiang, Dingde and Davy, Alan and Shi, Lei (2017) Wind energy allocation strategies for long-term contracts in open energy markets. In: 2016 IEEE International Conference on Renewable Energy Research and Applications, ICRERA 2016 :. 2016 IEEE International Conference on Renewable Energy Research and Applications, ICRERA 2016 . Institute of Electrical and Electronics Engineers Inc., GBR, pp. 783-788. ISBN 9781509033881

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Abstract

Electricity deregulation and the increase of renewable energy penetration are playing an important role in developed countries. In this work, a study of the decision-making process of energy traders is presented. We develop a theoretical solution for the sourcing trade-off, that a utility company faces when designing its long-term energy allocation strategy. The market mechanism of long-term contracts, where power producers and retailers engage, is presented and analyzed through a game theoretic approach. By introducing the concept of indistinguishable players and binary games, we construct a non-cooperative game. Nash equilibrium and Expected Utility theory are used to determine the optimal strategies for utility companies to minimize their purchasing costs. We devise an energy portfolio, for a utility company, to hedge against intermittent electricity production and secondly an energy price negotiation scheme for bilateral contracts with intermittent energy producers.

Item Type:	Book Section
Additional Information:	Publisher Copyright: © 2016 IEEE.
Uncontrolled Keywords:	/dk/atira/pure/subjectarea/asjc/2100/2102
Departments or Groups:
Depositing User:	Admin SSL
Date Deposited:	19 Oct 2022 23:17
Last Modified:	07 Jun 2023 18:39
URI:	http://repository-testing.wit.ie/id/eprint/5081

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