Optimal offering of wind-photovoltaic-thermal generation company in energy and reserve markets in the presence of environmental and risk analysis

The integration of thermal units with renewable energy sources is increasing to reduce greenhouse gas emissions and fossil fuels consumption. Also, renewable energy sources such as wind farms (WF) and photovoltaic farms (PVF) can be used by Generation Company (GenCo) to maximize their expected profit. Providing the offering curves for each hour under the uncertainties as electricity and reserve prices, an imbalance price ratio for energy deviations and output powers of PVF and WF is the other important issue for the GenCo’s operator. Therefore, an ε-constraint approach is used in this paper to handle the environmental and economic constraints simultaneously in the proposed Wind-Photovoltaic-Thermal Generation Company (WPT-GenCo). On the other hand, a Downside Risk Constraints Technique (DRCT) is used to handle the risk associated with various considered uncertain parameters in the proposed WPT-GenCo. Besides, obtaining robust offering strategies considering a specific level of greenhouse gas emissions is the other target of this paper. Finally, the TOPSIS method is used to select the trade-off solution through the 3-dimension obtained results of expected profit, greenhouse gas emissions, and the risk associated with various uncertainties. Simulation results show that the proposed WPT-GenCo model is scheduled robustly, and the risk level is reduced dramatically, considering a specific level of greenhouse gas emissions.