Multi-Alternative Operation-Planning Study to Maximize the Profit of Wind Farm Business: Multi-Sector Market Assessment of a Nordic Case
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School of Electrical Engineering |
Doctoral thesis (article-based)
| Defence date: 2024-05-17
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Authors
Date
2024
Major/Subject
Mcode
Degree programme
Language
en
Pages
77 + app. 83
Series
Aalto University publication series DOCTORAL THESES, 111/2024
Abstract
The concerns over harmful impact of fossil fuels on the environment has led to increasing the share of renewable energies in the electricity generation. Wind farms as renewable sources of energy are replacing such fuels. These producers are considered more environmentally friendly; however, their generation levels are uncertain. This is because wind power production depends on the weather, particularly wind speed, which increases the challenges of integrating wind power into the electricity grid. In the past, wind farms were largely supported by subsidies, through which wind power production was purchased under fixed-price contracts. However, with the growth in wind farms' share of total electricity generation, these subsidies are decreasing. Therefore, wind farm operators must compete with other conventional producers in the market. Nonetheless, considering the stochastic nature of wind power production, such a situation represents a major challenge for wind farm operators. This is due to the dispatchable nature of conventional producers, which constitutes a considerable advantage. The day-ahead electricity market usually closes hours before the actual delivery of electricity. Consequently, wind farm producers participate in the electricity market with only predictions of their wind power production and thus are likely to face deviations between the amount they are required to deliver to the market and their actual wind power production at time of delivery. To help wind power operators manage the stochasticity in wind power production, this thesis pursues two main aims. The first is to study different markets—the day-ahead electricity market, balancing electricity market, gas market, heat market, and green hydrogen market—as possible platforms for wind farm operators to trade energy. The second aim is to investigate the potential of different facilities to increase the profit of wind farm owners. These facilities include electrical energy storage, gas storage, and different Power-to-X facilities. Such facilities provide wind farm operators with the flexibility to turn wind power into gas, heat, and green hydrogen.Description
Supervising professor
Pouresmaeil, Edris, Prof., Aalto University, Department of Electrical Engineering and Automation, FinlandThesis advisor
Pourakbari-Kasmaei, Mahdi, Prof., Aalto University, Department of Electrical Engineering and Automation, FinlandKeywords
balancing electricity market, bi-level programming, conditional value at risk, day-ahead electricity market, electrical energy storage, electrolyzer, gas storage, green hydrogen market, gas market, heat market, power-to-x, stochastic optimization, wind farm
Other note
Parts
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[Publication 1]: R. A. Kordkheili, M. Pourakbari-Kasmaei, M. Lehtonen and E. Pouresmaeil, "Optimal Bidding Strategy for Offshore Wind Farms Equipped with Energy Storage in the Electricity Markets," 2020 IEEE PES Innovative Smart Grid Technologies Europe (ISGT-Europe), 2020, pp. 859-863.
Full text in Acris/Aaltodoc: https://urn.fi/URN:NBN:fi:aalto-2020123160475DOI: 10.1109/ISGT-Europe47291.2020.9248814 View at publisher
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[Publication 2]: R. A. Kordkheili, M. Pourakbari-Kasmaei, M. Lehtonen, R. A. Kordkheili and E. Pouresmaeil, "Multi-Alternative Operation-Planning Problem of Wind Farms Participating in Gas and Electricity Markets," in IEEE Access, vol. 9, pp. 166825-166837, 2021.
Full text in Acris/Aaltodoc: https://urn.fi/URN:NBN:fi:aalto-202201101079DOI: 10.1109/ACCESS.2021.3135702 View at publisher
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[Publication 3]: R. A. Kordkheili, M. Pourakbari-Kasmaei, M. Lehtonen, R. A. Kordkheili and E. Pouresmaeil, "Risk Analysis of Wind Farm Paired with Assets in Electricity and Gas Markets," 2021 IEEE PES Innovative Smart Grid Technologies Europe (ISGT Europe), 2021, pp. 1-6.
Full text in Acris/Aaltodoc: https://urn.fi/URN:NBN:fi:aalto-202201261411DOI: 10.1109/ISGTEurope52324.2021.9639979 View at publisher
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[Publication 4]: R. A. Kordkheili, M. Pourakbari-Kasmaei, M. Lehtonen and R. A. Kordkheili, "Wind Farm-based Green Hydrogen: A Virtual Power Plant Case Study," 2022 18th International Conference on the European Energy Market (EEM), Ljubljana, Slovenia, 2022, pp. 1-7.
Full text in Acris/Aaltodoc: https://urn.fi/URN:NBN:fi:aalto-202301181343DOI: 10.1109/EEM54602.2022.9921061 View at publisher
- [Publication 5]: R. A. Kordkheili, M. Pourakbari-Kasmaei, M. Lehtonen and R. A. Kordkheili, "Electrolyzers Heat Capture Study for a Wind Farm" Accepted on July 2023 in the Innovative Smart Grid Technologies (ISGT Europe 2023).
- [Publication 6]: R. A. Kordkheili, J. Seppänen, R. A. Kordkheili, M. Lehtonen, and M. Pourakbari-Kasmaei, "Operation-planning problem of wind farms as price makers in gas and electricity markets" Submitted on November 2023 to the Applied Energy Elsevier.