Abstract
| Original language | English |
|---|---|
| Title of host publication | 15th International Conference on the European Energy Market, EEM 2018 |
| Publisher | IEEE Institute of Electrical and Electronic Engineers |
| ISBN (Electronic) | 978-1-5386-1488-4 |
| ISBN (Print) | 978-1-5386-1489-1 |
| DOIs | |
| Publication status | Published - 24 Sep 2018 |
| MoE publication type | Not Eligible |
| Event | 15th International Conference on the European Energy Market, EEM 2018 - Lodz, Poland Duration: 27 Jun 2018 → 29 Jun 2018 Conference number: 15 |
Conference
| Conference | 15th International Conference on the European Energy Market, EEM 2018 |
|---|---|
| Abbreviated title | EEM 2018 |
| Country | Poland |
| City | Lodz |
| Period | 27/06/18 → 29/06/18 |
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Keywords
- Energy storage
- Power system modeling
- Wind energy
- Wind energy integration
Cite this
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Impact of longer stochastic forecast horizon on the operational cost of a power system. / Miettinen, Jari J.; Ikaheimo, Jussi; Rasku, Topi; Holttinen, Hannele; Kiviluoma, Juha.
15th International Conference on the European Energy Market, EEM 2018. IEEE Institute of Electrical and Electronic Engineers , 2018. 8469219.Research output: Chapter in Book/Report/Conference proceeding › Conference article in proceedings › Scientific › peer-review
TY - GEN
T1 - Impact of longer stochastic forecast horizon on the operational cost of a power system
AU - Miettinen, Jari J.
AU - Ikaheimo, Jussi
AU - Rasku, Topi
AU - Holttinen, Hannele
AU - Kiviluoma, Juha
PY - 2018/9/24
Y1 - 2018/9/24
N2 - Many decisions in the power system are based on the day-ahead forecasting of production and consumption. In the presence of storages and demand side management (together the 'flexibility assets') the day-ahead forecast horizon might not be enough for optimal utilization of these assets. This paper shows that by increasing the forecast horizon of wind power the operational costs in the power system of the Baltic Sea region can be reduced. As the forecast horizon increases the largest cost savings are on the fuel cost of mid-merit units, whereas for the base load units the longer forecast horizon increases the operational costs. Furthermore, as the forecast horizon approaches one week, the results indicate that the relative impact on the operational cost savings start to reduce. Therefore, the increase of the forecast horizon can run up against a limit, which after the forecasts may not contain any valuable information for decision making.
AB - Many decisions in the power system are based on the day-ahead forecasting of production and consumption. In the presence of storages and demand side management (together the 'flexibility assets') the day-ahead forecast horizon might not be enough for optimal utilization of these assets. This paper shows that by increasing the forecast horizon of wind power the operational costs in the power system of the Baltic Sea region can be reduced. As the forecast horizon increases the largest cost savings are on the fuel cost of mid-merit units, whereas for the base load units the longer forecast horizon increases the operational costs. Furthermore, as the forecast horizon approaches one week, the results indicate that the relative impact on the operational cost savings start to reduce. Therefore, the increase of the forecast horizon can run up against a limit, which after the forecasts may not contain any valuable information for decision making.
KW - Energy storage
KW - Power system modeling
KW - Wind energy
KW - Wind energy integration
UR - http://www.scopus.com/inward/record.url?scp=85055593906&partnerID=8YFLogxK
U2 - 10.1109/EEM.2018.8469219
DO - 10.1109/EEM.2018.8469219
M3 - Conference article in proceedings
AN - SCOPUS:85055593906
SN - 978-1-5386-1489-1
BT - 15th International Conference on the European Energy Market, EEM 2018
PB - IEEE Institute of Electrical and Electronic Engineers
ER -