Profit Maximization of Wind Power Plants in the Electricity Market Based on Linking Models Between Energy Sources

A major barrier to wind sources when participating in an electricity market is inaccurate forecasting of wind power. The wind power uncertainty affects the plant’s scheduled generation power, bidding price, and profitability. The profits of wind farms may be increased by determining the suitability of power output and bidding strategy in the electricity market, which is one of the challenges for wind plant producers because it is difficult to predict wind power accurately. To solve this problem, wind farm owners need to have plans to reserve power or link with other wind plants to be able to fully meet the contracted power. This paper proposed models linking wind farms or wind farms and other energy sources such as thermal power and energy storage systems. The simulation results on the IEEE 30-bus system show that the profits of a wind plant are increased when there is a backup power agreement from the thermal power plant or energy storage systems. It also demonstrates that the profitability of a wind power plant can be enhanced up to 132% by implementing a backup power agreement with a thermal power plant or energy storage systems. Furthermore, the wind output power increases significantly, reaching 95 MW in the integration models compared to the original model of 55 MW, thereby generating substantial social welfare.