Optimal Offering and Operating Strategies for Wind-Storage System Participating in Spot Electricity Markets with Progressive Stochastic-Robust Hybrid Optimization Model Series

Table 4

Average and CVaR values of WF-ESS’s daily profit as increases.

	0	0.1	0.2	0.3	0.4	0.5	0.6	0.7	0.8	0.9	1
ADP; (10^4DKK)	4.83	6.69	7.78	8.35	8.65	8.67	8.89	8.68	8.47	7.80	6.90
CVaR; (10^4DKK)	3.41	3.99	4.21	4.78	5.02	5.53	5.98	6.14	6.34	6.59	6.84

Note: ADP is the abbreviation of the “WF-ESS’s average daily profit”. WF-ESS’s average daily profit mentioned here means the average value calculated by using WF-ESS’s actual daily profits of 30 test days. CVaR in Tables 4 and 5 is calculated based on the actual profits of 30 test days and the frequency of each profit (1/30). The specific approach is: Firstly, the actual profits of the 30 test days are arranged from small to large, and the cumulative frequency of less than each actual profit is calculated; Secondly, it is approximately considered as VaR_α the actual profit with the cumulative frequency closest to the α value; Finally, the conditional average value of all actual profits less than VaR_α is calculated, and considered as CVaR_α.