A scheme to balance risks may help realize the benefits of being able to combine complementary power technologies, such as thermal generation, wind power and energy storage. Such benefits include lower capital costs and more responsive and reliable energy delivery while leveraging renewable energy technologies
Optimizing the operation of a mixed-technology power plant is vital to make such power generation profitable and reliable. However, this is far more complex than for single-technology units due to the simultaneous fluctuations in generation caused by inconsistent wind, for example, as well as fluctuations in energy storage levels and market electricity prices.
While optimization schemes have been proposed for such virtual power plants (VPPs), the existing approaches take a rigidly risk-neutral approach to dealing with uncertainty in future conditions.
Now, by integrating risk parameters into an efficient optimization program for VPP operation, Ricardo Lima and colleagues Omar Knio and Ibrahim Hoteit from KAUST have developed a platform that allows the system to be tweaked for better reliability and profitability. “Renewable energy resources are inherently uncertain,” explains Lima. “The operation and interaction of these resources with the electricity market brings uncertainty about how to best maximize profit.” Furthermore, "this methodology enables us to capitalize on wind ensembles from weather forecast models, accounting for the uncertainties inherent in future projections," says Hoteit
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