Hybrid power plant bidding strategy for voltage stability improvement, electricity market profit maximization, and congestion management

Abstract

Abstract This article models a hybrid power plant (HPP), including a compressed air energy storage (CAES) aggregator with a wind power aggregator (WPA) considering network constraints. Three objective functions are considered including electricity market profit maximization, congestion management, and voltage stability improvement. In order to accurately model the WPA, pitch control curtailment wind power levels are also added to the wind power generator models. To optimize all the mentioned objective functions, a multi‐objective Pareto front solution strategy is used. Finally, a fuzzy method is used to find the best compromise solution. The proposed approach is tested on a realistic case study based on an electricity market and wind farm located in Spain, and IEEE 57‐bus test system is used to evaluate the network constraint effects on the HPP scheduling for different objective functions.

Keywords

• compressed air energy storage
• Pareto optimisation
• power generation economics
• power markets
• wind power
• wind power plants