Title :
On the gains of stochastic bidding optimization for the day-ahead market for a hydro power producer
Author_Institution :
Dept. of Electr. Eng., Norwegian Univ. of Sci. & Technol., Trondheim, Norway
Abstract :
Stochastic optimization can be used to increase expected profit of participating in the day-ahead market. This paper formulates the bidding problem as a two stage stochastic optimization problem and uses existing software to calculate costs of production commitments. The gains of using a stochastic approach are benchmarked against current multi-deterministic-scenario approach. A simple case is used for illustration and extension to other cases is discussed.
Keywords :
hydroelectric power stations; power generation economics; power markets; stochastic programming; bidding problem; day-ahead market; hydro power producer; multideterministic-scenario approach; production commitments; stochastic bidding optimization; two stage stochastic optimization problem; Filling; Optimization; Production; Reservoirs; Stochastic processes; Turbines; Hydroelectric power generation; bidding; day-ahead market; stochastic optimization;
Conference_Titel :
PowerTech, 2011 IEEE Trondheim
Conference_Location :
Trondheim
Print_ISBN :
978-1-4244-8419-5
Electronic_ISBN :
978-1-4244-8417-1
DOI :
10.1109/PTC.2011.6019344
