Electricity Price Forecast for Optimal Energy Management for Wind Power Producers: A Case Study in Indian Power Market

Wind power producers (WPPs) in India integrated with the battery energy storage system (BESS) can be benefitted with additional revenue by participating in the short-term electricity market. Electricity price forecasting is key for devising optimal bidding strategies for WPPs as well as for efficient energy management of BESS. This paper discusses the opportunities for WPPs if they participate in wind energy trading. To understand the case, a wavelet-based neural network (WNN) has been employed for day-ahead electricity price forecasting in Indian power market. The real data from Indian Electricity Exchange (IEX) is used to evaluate the performance of the forecast model. The predicted price information would help in deviation settlement for WPP by optimal scheduling the BESS and in mitigating the voltage and frequency incursions. Further, it would bring more economic values to WPPs as well as grid operator for improving the grid reliability.