Speaker: Ece Cigdem Karakoyun, Bilkent University<\/p>\n
Date & Time: February 10, 2023, Friday 13:30<\/p>\n
Place: EA-409<\/p>\n
Title: Optimal Hour-Ahead Commitment and Storage Decisions of Wind Power
\nProducers<\/p>\n
Abstract: We study the energy commitment, generation and storage problem
\nfor a wind farm paired with a battery, over a finite planning horizon
\nwith hourly periods. The power producer decides, in each hour, how much
\nenergy to commit to selling to or purchasing from the market for the
\nupcoming hour, how much energy to generate in the wind power plant, and
\nhow much energy to charge into or discharge from the battery. The
\nexistence of the battery not only helps smooth out imbalances caused by
\nthe fluctuating wind output but also enables price arbitrage in the
\nfollowing two ways. First, the producer may benefit from buying energy
\nwhen the price is low and selling it when the price is high in the
\nfuture. Second, the producer may choose to let its dispatch or purchase
\namount deviate from her commitments based on the latest available
\ninformation; its storage capacity provides additional support for these
\nintentional deviations. We model this problem as a Markov decision
\nprocess with random wind speed and electricity price. We prove the
\noptimality of a state-dependent threshold policy when the battery and
\ntransmission line are perfectly efficient. We employ our structural
\nresults to develop a heuristic solution procedure in a more general
\nproblem where the battery and transmission line need not be perfectly
\nefficient. We also consider the case where the price can be negative.
\nNumerical experiments with data-calibrated instances have revealed the
\nhigh efficiency and scalability of our solution procedure: it
\noutperforms the standard dynamic programming algorithm with respect to
\ncomputation time by two orders of magnitude and yields solutions with an
\naverage distance of less than one percent from the optimal profit.<\/p>\n
Bio: Ece Cigdem Karakoyun is currently a Ph.D. candidate in the
\nDepartment of Industrial Engineering at Bilkent University. Her research
\nmainly addresses challenges at the interface of operations and design in
\nthe energy industry for both supply and demand sides. She is
\nparticularly interested in the operations of low-carbon emerging
\ntechnologies (e.g., variable renewable energy resources, storage, and
\nhybrid systems) in wholesale electricity markets and integrating these
\ntechnologies into market operations while maintaining operational
\nflexibility. She is also interested in energy demand-side management,
\nparticularly demand response and distributed energy sources. She
\nreceived her B.S. and M.S. degrees in Industrial Engineering from
\nBilkent University.<\/p>\n","protected":false},"excerpt":{"rendered":"
Speaker: Ece Cigdem Karakoyun, Bilkent University Date & Time: February 10, 2023, Friday 13:30 Place: EA-409 Title: Optimal Hour-Ahead Commitment and Storage Decisions of Wind Power Producers Abstract: We study the energy commitment, generation and storage problem for a wind farm paired with a battery, over a finite planning horizon [\u2026] <\/p>\n