Abstract: | The presentation was made at IEEE PES 2011 General Meeting Super Sessions in July, 2011. The presentation introduces the motivation behind this research as follows: 1) Increasing penetration of wind power in power systems; 2) Impact of wind power on traditional electricity markets; 3) Uncertainty in wind power output; 4) Wind power bidding strategies. The research handles uncertainty in wind power such as pumped-storage (hydro) unit, financial hedging strategy, and quick-start thermal unit scheduling.
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