10.1016/j.apenergy.2017.11.061

10.1016/j.apenergy.2017.11.061 Applied Energy 211 (2018) 764–773 Contents lists available at ScienceDirect Applied Energy journal homepage: www.elsevier.com/locate/apenergy On maximizing profit of wind-battery supported power station based on wind power and energy price forecasting a, b c d Muhammad Khalid , Ricardo P. Aguilera , Andrey V. Savkin , Vassilios G. Agelidis King Fahd University of Petroleum & Minerals, Dhahran, Saudi Arabia University of Technology Sydney, Sydney, Australia University of New South Wales, Sydney, Australia Technical University of Denmark, Denmark HIGHLIGHTS A strategy for profit maximization of a wind power plant is presented. The proposed algorithm is supported with a battery energy storage system. The strategy is primarily based on wind power and market price forecasting. ARTICLE I NFO ABSTRACT This paper proposes a framework to develop an optimal power dispatch strategy for grid-connected wind power Keywords: Battery energy storage plants containing a Battery Energy Storage System (BESS). Considering the intermittent nature of wind power Dynamic programming and rapidly varying electricity market price, short-term forecasting of these variables is used for efficient energy Wind power management. The predicted variability trends in market price assist in earning additional income which sub- sequently increase the operational profit. Then on the basis of income improvement, http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

10.1016/j.apenergy.2017.11.061

Elsevier — Jun 11, 2020

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Abstract

Applied Energy 211 (2018) 764–773 Contents lists available at ScienceDirect Applied Energy journal homepage: www.elsevier.com/locate/apenergy On maximizing profit of wind-battery supported power station based on wind power and energy price forecasting a, b c d Muhammad Khalid , Ricardo P. Aguilera , Andrey V. Savkin , Vassilios G. Agelidis King Fahd University of Petroleum & Minerals, Dhahran, Saudi Arabia University of Technology Sydney, Sydney, Australia University of New South Wales, Sydney, Australia Technical University of Denmark, Denmark HIGHLIGHTS A strategy for profit maximization of a wind power plant is presented. The proposed algorithm is supported with a battery energy storage system. The strategy is primarily based on wind power and market price forecasting. ARTICLE I NFO ABSTRACT This paper proposes a framework to develop an optimal power dispatch strategy for grid-connected wind power Keywords: Battery energy storage plants containing a Battery Energy Storage System (BESS). Considering the intermittent nature of wind power Dynamic programming and rapidly varying electricity market price, short-term forecasting of these variables is used for efficient energy Wind power management. The predicted variability trends in market price assist in earning additional income which sub- sequently increase the operational profit. Then on the basis of income improvement,

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