Optimal portfolio-theory-based allocation of wind power : taking into account cross-border transmission-capacity constraints
Title: Optimal portfolio-theory-based allocation of wind power : taking into account cross-border transmission-capacity constraints
Citation: Renewable energy, 2011, Vol. 36, No. 9, pp. 2374-2387
Allocating wind farms across different locations in different countries may reduce the variability of hourly wind power changes. Taking into account cross-border transmission-capacity constraints between countries can however decrease the effect of this diversification. A portfolio-theory-based model is developed that takes into account these cross-border transmission-capacity constraints when allocating wind power as efficient as possible across different locations. Three models are developed, looking to the cases where cross-border transmission-capacity constraints are equal to infinity, zero and a certain limited value, respectively. It is notably this last model that brings new perspectives in the allocation of wind power, based on portfolio theory modelling. Keeping cross-border transmission-capacity available for wind-power flows is an effective measure to limit hourly wind-power variations.
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