DocumentCode
975794
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
Volume
19
Issue
2
fYear
2004
fDate
5/1/2004 12:00:00 AM
Firstpage
834
Lastpage
841
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;
fLanguage
English
Journal_Title
Power Systems, IEEE Transactions on
Publisher
ieee
ISSN
0885-8950
Type
jour
DOI
10.1109/TPWRS.2004.825911
Filename
1294989
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