Title : ( Utilization of Financial Contracts by Wind Power Plants to Benefit Promotion and Risk Reduction )
Authors: Navid Yektay , Fateme Daburi Farimani , Mahtab Kaffash , Seyed Saleh Fazaeli , Mohammad Hossein Javidi Dasht Bayaz ,
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Abstract
Recently, in a lot of power markets, costs arisen from imbalance generation of wind farms are taken from owners of the power plants which cause it. Consequently, the wind farm owner’s benefit is threatened. It is assumed in this paper that the wind farm owner turns to utilize forward, put option and call option contracts in order to overcome benefit reduction caused by application of imbalance penalties. His aim is to determine optimal amounts of each contract to manage the risks. Indeed, maximizing benefit expectation besides minimizing its standard deviation, are considered as two parallel objective functions. Simulation results show that, besides promotion of expected benefit, the power plant owner can substantially reduce his risks utilizing financial contracts
Keywords
generation uncertainty; wind power plant; spot market; option contracts; risk management
@inproceedings{paperid:1060817,
author = {Yektay, Navid and Daburi Farimani, Fateme and Kaffash, Mahtab and Fazaeli, Seyed Saleh and Javidi Dasht Bayaz, Mohammad Hossein},
title = {Utilization of Financial Contracts by Wind Power Plants to Benefit Promotion and Risk Reduction},
booktitle = {چهارمین کنفرانس انرژی های تجدیدپذیر و تولید پراکنده},
year = {2016},
location = {IRAN},
keywords = {generation uncertainty; wind power plant; spot
market; option contracts; risk management},
}
%0 Conference Proceedings
%T Utilization of Financial Contracts by Wind Power Plants to Benefit Promotion and Risk Reduction
%A Yektay, Navid
%A Daburi Farimani, Fateme
%A Kaffash, Mahtab
%A Fazaeli, Seyed Saleh
%A Javidi Dasht Bayaz, Mohammad Hossein
%J چهارمین کنفرانس انرژی های تجدیدپذیر و تولید پراکنده
%D 2016
