Strategic Bidding for Wind-PV-Storage Power Station Clusters Participating in Day-ahead Energy Market Based on Conditional Value at Risk Under Dual Settlement Mode

Nowadays, it is inevitable for renewable energy power stations to participate in market-oriented competition. In this paper, a strategic bidding model based on conditional value at risk (CVaR) and dual settlement mode (DSM) for wind-photovoltaic-energy storage power station clusters (WSSC) participating in the day-ahead energy market is expounded. To begin with, a new reporting method that adding the power of ESS to the bidding quantity of renewable energy is proposed. Then, considering CVaR and DSM simultaneously, a scenario-based strategic bidding model is put forward. In the end, case studies indicate the significance of energy storage system (ESS) in arbitrage, minimizing deviation assessment punishment and power curtailment punishment. Besides, decision maker can choose suitable risk weight factor according to their own degree of risk preference to make a perfect balance between profit and risk. Apart from that, numerical results also validate that bidding as a whole for WSSC owns more advantages than bidding independently over bid-winning quantity, profit and CVaR.