Chance-constrained bidding model for wind-storage system participation in the electricity market

The significant uncertainty in wind power output severely hinders the precise execution of electricity market bidding plans, potentially leading to substantial deviation penalties for wind farms. Energy storage, as a valuable resource for frequency regulation, plays a crucial role in mitigating these power discrepancies caused by wind variability. To minimize economic losses from bidding decision errors, this paper establishes a novel joint wind-storage system bidding model. The model takes into account the uncertainties of wind power output and applies chance constraints to manage the discrepancy between actual system output and bidding power. By applying the Conditional Value-at-Risk (CVaR) theory, the complex chance constraints are simplified into solvable inequalities. Simulation results confirm the model’s accuracy and efficiency.