Optimization of static wind power investment in the Australian national electricity market

Forsyth, Sebastian, Mahmoudi, Nadali and Saha, Tapan (2015). Optimization of static wind power investment in the Australian national electricity market. In: Proceedings of the 2015 IEEE PES Asia-Pacific Power and Energy Engineering Conference (APPEEC). IEEE PES Asia-Pacific Power and Energy Engineering Conference (APPEEC), Brisbane, Australia, (). 15-18 November 2015. doi:10.1109/APPEEC.2015.7381014


Author Forsyth, Sebastian
Mahmoudi, Nadali
Saha, Tapan
Title of paper Optimization of static wind power investment in the Australian national electricity market
Conference name IEEE PES Asia-Pacific Power and Energy Engineering Conference (APPEEC)
Conference location Brisbane, Australia
Conference dates 15-18 November 2015
Convener IEEE
Proceedings title Proceedings of the 2015 IEEE PES Asia-Pacific Power and Energy Engineering Conference (APPEEC)
Journal name Asia-Pacific Power and Energy Engineering Conference, APPEEC
Series Asia-Pacific Power and Energy Engineering Conference, APPEEC
Place of Publication Piscataway, NJ, United States
Publisher Institute of Electrical and Electronic Engineers (IEEE)
Publication Year 2015
Sub-type Fully published paper
DOI 10.1109/APPEEC.2015.7381014
Open Access Status Not Open Access
ISBN 9781467381321
ISSN 2157-4847
Volume 2016-January
Total pages 5
Collection year 2016
Language eng
Abstract/Summary This paper studies the Australian market conditions and subsidies in place to promote the growth of wind power through the use of a stochastic linear programming model. This model optimizes the profit obtained for a static investment based on a variety of wind and price scenarios. It is subject to different constraints which focus on the amount of initial capital injected by an investor, selling power through a Power Purchase Agreement (PPA) or using the Market Clearing Price (MCP). The Conditional Value-at-risk (CVaR) risk is also considered in this model to assist in differentiating between a risk-neutral and risk-averse investor. This has been evaluated for Portland on the coast of Victoria, Australia, using current data.
Keyword Australian National Electricity Market
Investment
Optimization methods
Planning
Renewable energy target
Stochastic programming
Wind generation
Q-Index Code E1
Q-Index Status Provisional Code
Institutional Status UQ

 
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