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• A framework solution for multi-timescale coordinated operation of CHP and wind power. • Day-ahead and real-time uncertainties are handled by stochastic optimization. • The solution is applied to a real-life case in Denmark. • Comparative analysis between coordinated operation and independent operation. • Comparative analysis between stochastic and deterministic methods. This paper proposes a multi-timescale coordinated operation approach which coordinates the combined heat and power (CHP) plant and wind farm operation in a deregulated day-ahead heat market and a real-time balancing electricity market. This approach aims to optimize profits of the CHP-wind farm portfolio by considering energy sale in the day-ahead heat market and penalty in the real-time two-price balancing market. Multiple uncertainties of heat load, wind power generation, day-ahead electricity price, up- and down-regulation prices are taken into account for the optimal operation. A stochastic optimization method is applied to solve the proposed coordinated operation problem. The proposed multi-timescale coordinated operation approach is simulated on a real-life system in Copenhagen Denmark where an energy company owns both a CHP plant and a wind farm. The simulation results verify that the proposed method can achieve a profitable operation in the markets and a highly robust operation against the multiple uncertainties. [ABSTRACT FROM AUTHOR]

• Review on combined heat and power plant (CHP) operation is presented. • Technical flexibility and characteristics of CHP technologies are summarized. • Applications of CHP flexibility in integrated energy system (IES) are discussed. • Cost- and price-based operation strategies of CHP in recent research are reviewed. • Future technical and operational flexibility of CHP and IES is summarized. With an increasing penetration of renewable energy, combined heat and power (CHP) plants play an important role in connecting different energy sectors of an integrated energy system (IES). Technical flexibility is an essential ability for CHPs to provide secure and economic operation of the IES, as well as to implement a profitable arbitrage in different markets. Operation strategies (OSs) are adopted to utilize the existing technical flexibility in an optimal way. The delivered flexibility is evaluated in terms of the system performance and operation profits. In this paper, a literature review on technical flexibility and characteristics of different CHP technologies is summarized. Moreover, the applications of CHP system flexibility in the IES are discussed from the perspectives of plant owners, system operators and demand side. Literature classified by cost-based and price-based OSs is studied for system operators and generation plant owners respectively. Characteristics of the OSs in terms of the CHP modeling, optimization objectives, constraints and algorithms, etc. are discussed and compared. The study is beneficial to achieve more economic operation of the IES and more profitable operation of the CHP system by system operators and plant owners. Future research work regarding this topic is investigated in the last part. [ABSTRACT FROM AUTHOR]