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.
Revised: October 27, 2005 |
Published: May 31, 2004
Citation
Lu N., J.H. Chow, and A.A. Desrochers. 2004.Pumped-Storage Hydro-Turbine Bidding Strategies in a Competitive Electricity Market.IEEE Transactions on Power Systems 19, no. 2:834-841.PNNL-SA-41859.