Title :
Pumped-storage hydro-turbine bidding strategies in a competitive electricity market
Author :
Lu, Ning ; Chow, Joe H. ; Desrochers, Alan A.
Author_Institution :
Dept. of Electr. Comput. & Syst. Eng., Rensselaer Polytech. Inst., Troy, NY, USA
Abstract :
This paper develops optimal pump-hydro unit bidding strategies in a competitive electricity market. Starting from a weekly forecasted market clearing price (MCP) curve, an algorithm to maximize the profit of a pump-hydro 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 :
electricity supply industry deregulation; hydraulic turbines; hydroelectric generators; optimisation; power generation scheduling; pricing; pumped-storage power stations; electricity market deregulation; fixed weekly schedule optimization; generator bidding strategies; hydro-turbine; market clearing price; optimal pump-hydro unit scheduling; pumped-storage; pumping strategy; reserve bids; Economic forecasting; Economic indicators; Electricity supply industry; Energy storage; Optimal scheduling; Reservoirs; Systems engineering and theory; Water conservation; Water resources; Water storage;
Conference_Titel :
Power Engineering Society General Meeting, 2003, IEEE
Print_ISBN :
0-7803-7989-6
DOI :
10.1109/PES.2003.1270415
