Medium term power planning with bilateral contracts

Author

Shrestha, G.B. ; Pokharel, Bikal Kumar ; Lie, Tek Tjing ; Fleten, S.-E.

Author_Institution

Sch. of Electr. & Electron. Eng., Nanyang Technol. Univ., Singapore

Volume

20

Issue

2

fYear

2005

fDate

5/1/2005 12:00:00 AM

Firstpage

627

Lastpage

633

Abstract

This paper addresses the optimal management of hydropower resources on medium term. The objective is to maximize the expected revenue of a producer, and the decision variables are generation and forward contracts in each period for each scenario. Stochastic linear and nonlinear programming has been used as a framework for modeling and solution. Results are exposited for a Norwegian power producer participating in Nord Pool, the Nordic power exchange.

Keywords

hydroelectric power stations; linear programming; power generation planning; power generation scheduling; risk analysis; stochastic processes; bilateral contracts; electricity contracts; hydropower resources; hydroscheduling; medium term power planning; nonlinear programming; optimal management; power exchange; risk analysis; stochastic linear programming; Costs; Forward contracts; Hydroelectric power generation; Power markets; Power system security; Reservoirs; Risk management; Scheduling; Stochastic processes; Uncertainty; Electricity contracts; hydro scheduling; risk analysis; stochastic processes;

fLanguage

English

Journal_Title

Power Systems, IEEE Transactions on

Publisher

ieee

ISSN

0885-8950

Type

jour

DOI

10.1109/TPWRS.2005.846239

Filename

1425554