Risk assessment of short-term hydropower scheduling under price uncertainty considering correlation between adjacent intervals

It is important for hydropower plants owner in the electricity market to work on the errors of forecasted prices. The paper established the profits maximization model, which treated the price as stochastic and considered correlation between adjacent intervals. We apply a risk assessment tool to research on the risk of the surplus profit. To investigate whether a generation schedule is profitable or not, we apply Monte Carlo method to simulate influence of price uncertainty on the utilities. Finally, a realistic case study was made and some relevant results were concluded.