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Bidding strategy for pumped-storage plant in pool-based electricity market
Published in
2010
Volume: 51
   
Issue: 3
Pages: 572 - 579
Abstract
This paper develops optimal bidding strategies for a pumped-storage plant in a pool-based electricity market. In the competitive regime, when compared to simple hydro electric generator, profit of the pumped-storage plant is maximized by operating it as a generator when market clearing price is high and as a pump when the price is low. Based on forecasted hourly market clearing price, a multistage looping algorithm to maximize the profit of a pumped-storage plant is developed, considering both the spinning and non-spinning reserve bids and meeting the technical operating constraints of the plant. The proposed model is adaptive for the nonlinear three-dimensional relationship between the power produced, the energy stored, and the head of the associated reservoir. Different operating cycles for a realistic pumped-storage plant are considered and simulation results are reported and compared. Crown Copyright © 2009.
About the journal
JournalEnergy Conversion and Management
ISSN01968904
Open AccessNo
Concepts (23)
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    BIDDING STRATEGY
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    Competitive bidding
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    Electricity market
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    HYDRO ELECTRIC
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    Market clearing price
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    Operating constraints
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    OPERATING CYCLE
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    OPTIMAL BIDDING STRATEGY
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    POOL-BASED ELECTRICITY MARKETS
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    PUMPED STORAGE PLANTS
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    Restructured power systems
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    SELF-SCHEDULING
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    Simulation result
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    SPINNING RESERVES
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    Commerce
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    Electric load forecasting
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    Electric machinery
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    Electric power transmission networks
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    Optimization
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    Profitability
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    Simulators
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    Three dimensional
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    Electric generators