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

Publication Type : Journal Article

Publisher : Elsevier

Source : Energy Conversion and Management

Url :

Campus : Amritapuri

School : School of Engineering

Year : 2010

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.

Cite this Research Publication : P. Kanakasabapathy, K. Shanti Swarup, Bidding strategy for pumped-storage plant in pool-based electricity market, Energy Conversion and Management,2010.

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