Bidding strategy for pumped-storage plant in pool-based electricity market

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...

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Bibliographic Details
Published in:Energy conversion and management 2010-03, Vol.51 (3), p.572-579
Main Authors: Kanakasabapathy, P., Shanti Swarup, K.
Format: Article
Language:English
Subjects:
Applied sciences
Competitive bidding strategies
Economic data
Electric energy
Electricity markets
Energy
Energy economics
Exact sciences and technology
General, economic and professional studies
Methodology. Modelling
Natural energy
Optimal self-scheduling
Pumped-storage
Restructured power systems
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Summary: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.
ISSN:0196-8904
1879-2227
DOI:10.1016/j.enconman.2009.11.001