Baseline case Sample Clauses

Baseline case. In this scenario, both the renewable and the storage participants only bid in the day-ahead market and insurance contracts are not allowed between them. The expected profit of the renewable producer is Σ N−1 r Jb(Cr) = λkCrk − ERk [I(Crk − Rk)λp(Crk − Rk)] , (8) k=0 ∈ where Cr = [Cr0, ..., Cr(N−1)]T RN is the vector containing the commit- ments for each time slot k. For each k, the first term of the expected profit corresponds to the revenue acquired for committing to the day-ahead market and the second term is the expected penalty due to shortage. For the storage owner, the baseline utility function is Σ s x x x x Jb(u+, u−) = λk(u+ − u−) − g(u+, u−), (9) k=0 where, for each k, the first term is the revenue for supplying to and cost for demanding from the market, while the second term is a cost function related to the operation of the storage. This operational cost function g(u+, u−)
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Related to Baseline case

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