AbstractTiming of generation is becoming more and more valuable. This creates greater potential tension between environmental and power system objectives since both systems require their own flow patterns. Identifying win-win outcomes in this context requires being able to discuss the value of flexibility across stakeholder groups. This research proposes a two-stage optimization method to understand hydropower flexibility to meet both environmental and power system requirements. The optimization tool denoted as the “Hydropower Flexibility Valuation Tool” aims to maximize the revenue from market participation after satisfying flow requirements, considering a range of power market price signals and water availability scenarios. The proposed tool is demonstrated in the US, showing how to make more informed decisions to weigh the cost of specific flow requirements in the context of the overall license. Results from the case study show that revenue is more sensitive to the ramping constraints than the minimum flow constraints.
Published: January 31, 2023