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The Value of Improved Short-Term Wind Power Forecasting

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B.-M. Hodge, A. Florita, J. Sharp, M. Margulis, D. Mcreavy
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This report summarizes an assessment of improved short-term wind power forecasting in the California Independent System Operator (CAISO) market and provides a quantification of its potential value. Performed for the Lockheed Martin Corporation, the study was accomplished in a technology-agnostic fashion to estimate savings from regulation and flex reserves, as well as production savings, to provide insight into their product within the context of current and future CAISO markets.