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In many industrial countries, road transportation accounts for a significant portion of the country’s energy consumption. In developing countries, the use of energy for transportation is on the rise. The recent increase in petroleum prices, expanding world economic prosperity, the probable peaking of conventional petroleum production in the coming decades, and concerns about global climate changes require efforts to increase the efficiency of the use of, and develop alternatives for, petroleum-based fuels used in road transportation. The energy efficiency of a vehicle could be improved in several ways: lightweighting the vehicle structure and powertrain using advanced materials and designs, improving the efficiency...
This paper discusses risk management, contracting, and bidding for a wind power producer. A majority of the wind power in the United States is sold on long-term power purchase agreements, which hedge the wind power producer against future price risks. However, a significant amount is sold as merchant power and therefore is exposed to fluctuations in future electricity prices (day-ahead and real-time) and potential imbalance penalties. Wind power forecasting can serve as a tool to increase the profit and reduce the risk from participating in the wholesale electricity market. We propose a methodology to derive optimal day-ahead bids for a wind power producer under uncertainty in realized wind power and market prices....
This paper discusses risk management, contracting, and bidding for a wind power producer. A majority of the wind power in the United States is sold on long-term power purchase agreements, which hedge the wind power producer against future price risks. However, a significant amount is sold as merchant power and therefore is exposed to fluctuations in future electricity prices (day-ahead and real-time) and potential imbalance penalties. Wind power forecasting can serve as a tool to increase the profit and reduce the risk from participating in the wholesale electricity market. We propose a methodology to derive optimal day-ahead bids for a wind power producer under uncertainty in realized wind power and market prices....
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