Impact of Renewable Energy Forecast Imperfections on Market-Clearing Outcomes

Publication: Research - peer-reviewArticle in proceedings – Annual report year: 2016

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The increased integration of renewable energy sources, in particular wind and solar power, calls for changes in power system operation. Current market designs that are only efficient to accommodate limited uncertainty are highly challenged
by the partly predictable renewable energy generation. Hence, innovative market structures have been proposed to cope with the uncertainty introduced. Nonetheless, the quality of wind power forecasts may affect the market outcome due to their inaccuracy. For this reason, a framework is proposed to examine market-clearing algorithms, both deterministic and stochastic approaches, under imperfect wind power forecasts in order to quantify their influence on the market outcome. Results show that mean value mismatch between “estimated” and “realized” distributions has the highest impact on total system cost. Finally, it is examined if cost recovery for market players is guaranteed in the presence of inaccurate wind power forecasts.
Original languageEnglish
Title of host publicationProceedings of IEEE International Energy Conference 2016
Number of pages6
PublisherIEEE
Publication date2016
ISBN (print)978-1-4673-8463-6
DOIs
StatePublished - 2016
EventIEEE International Energy Conference 2016 - Leuven , Belgium

Conference

ConferenceIEEE International Energy Conference 2016
LocationKU Leuven
CountryBelgium
CityLeuven
Period04/04/201608/04/2016
CitationsWeb of Science® Times Cited: No match on DOI

    Keywords

  • Bilevel programming, Electricity markets, Renewable energy forecasting, Stochastic programming
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