Title :
Pumped-storage hydro-turbine bidding strategies in a competitive electricity market
Author :
Lu, Ning ; Chow, Joe H. ; Desrochers, Alan A.
Author_Institution :
Energy Sci. & Technol. Div., Pacific Northwest Nat. Lab., Richland, WA, USA
fDate :
5/1/2004 12:00:00 AM
Abstract :
This paper develops optimal pumped-storage unit bidding strategies in a competitive electricity market. Starting from a weekly forecasted market clearing price curve, an algorithm to maximize the profit of a pumped-storage unit considering reserve bids is developed. A comparison between the optimal bidding strategy and a fixed-schedule weekly generating and pumping strategy is provided.
Keywords :
hydraulic turbines; optimisation; power generation economics; power generation scheduling; power markets; pricing; pumped-storage power stations; electricity market; market clearing price curve; pumped storage hydro-turbine; pumped storage unit bidding strategies; Contracts; Economic forecasting; Electricity supply industry; Electricity supply industry deregulation; Optimal scheduling; Reservoirs; Scheduling algorithm; Water conservation; Water resources; Water storage;
Journal_Title :
Power Systems, IEEE Transactions on
DOI :
10.1109/TPWRS.2004.825911
