Optimal electricity market for wind power

Hannele Holttinen

    Research output: Contribution to journalArticleScientificpeer-review

    125 Citations (Scopus)

    Abstract

    This paper is about electricity market operation when looking from the wind power producers’ point of view. The focus in on market time horizons: how many hours there is between the closing and delivering the bids. The case is for the Nordic countries, the Nordpool electricity market and the Danish wind power production. Real data from year 2001 was used to study the benefits of a more flexible market to wind power producer. As a result of reduced regulating market costs from better hourly predictions to the market, wind power producer would gain up to 8% more if the time between market bids and delivery was shortened from the day ahead Elspot market (hourly bids by noon for 12–36 h ahead). An after sales market where surplus or deficit production could be traded 2 h before delivery could benefit the producer almost as much, gaining 7%.
    Original languageEnglish
    Pages (from-to)2052 - 2063
    Number of pages12
    JournalEnergy Policy
    Volume33
    Issue number16
    DOIs
    Publication statusPublished - 2005
    MoE publication typeA1 Journal article-refereed

    Fingerprint

    wind power
    Wind power
    electricity
    market
    Sales
    Power markets
    Costs

    Keywords

    • wind power
    • electricity market
    • forecasting
    • regulation market
    • wind energy
    • electricity markets

    Cite this

    Holttinen, Hannele. / Optimal electricity market for wind power. In: Energy Policy. 2005 ; Vol. 33, No. 16. pp. 2052 - 2063.
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    keywords = "wind power, electricity market, forecasting, regulation market, wind energy, electricity markets",
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    Optimal electricity market for wind power. / Holttinen, Hannele.

    In: Energy Policy, Vol. 33, No. 16, 2005, p. 2052 - 2063.

    Research output: Contribution to journalArticleScientificpeer-review

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    AB - This paper is about electricity market operation when looking from the wind power producers’ point of view. The focus in on market time horizons: how many hours there is between the closing and delivering the bids. The case is for the Nordic countries, the Nordpool electricity market and the Danish wind power production. Real data from year 2001 was used to study the benefits of a more flexible market to wind power producer. As a result of reduced regulating market costs from better hourly predictions to the market, wind power producer would gain up to 8% more if the time between market bids and delivery was shortened from the day ahead Elspot market (hourly bids by noon for 12–36 h ahead). An after sales market where surplus or deficit production could be traded 2 h before delivery could benefit the producer almost as much, gaining 7%.

    KW - wind power

    KW - electricity market

    KW - forecasting

    KW - regulation market

    KW - wind energy

    KW - electricity markets

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