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Forward thresholds for operation of pumped-storage stations in the real-time energy market

Author

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  • Vojvodic, Goran
  • Jarrah, Ahmad I.
  • Morton, David P.

Abstract

Pumped-storage hydroelectric plants are very valuable assets on the electric grid and in electric markets as they are able to pump and store water for generation, thus allowing for grid-level storage. Within the realm of short-term energy markets, we present a model for determining forward-looking thresholds for making generation and pumping decisions at such plants. A multistage stochastic programming framework is developed to optimize the thresholds with uncertain system prices over the next three days. Tractability issues are discussed and a novel method based on an implementation of the scatter search algorithm is proposed. Given the size of the multistage stochastic programming formulation, we argue that this novel method is a more accurate representation of the decision process. We demonstrate model stability and quality, and show that the forward thresholds obtained using a stochastic programming framework outperform the forward thresholds from a deterministic model, and thus can lead to efficiency gains for both the generation unit owner and the overall system in the real-time market.

Suggested Citation

  • Vojvodic, Goran & Jarrah, Ahmad I. & Morton, David P., 2016. "Forward thresholds for operation of pumped-storage stations in the real-time energy market," European Journal of Operational Research, Elsevier, vol. 254(1), pages 253-268.
    • Handle: RePEc:eee:ejores:v:254:y:2016:i:1:p:253-268
    DOI: 10.1016/j.ejor.2016.03.020
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    Cited by:

    1. Noordhoek, Marije & Dullaert, Wout & Lai, David S.W. & de Leeuw, Sander, 2018. "A simulation–optimization approach for a service-constrained multi-echelon distribution network," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 114(C), pages 292-311.
    2. Fang, Xichen & Guo, Hongye & Zhang, Xian & Wang, Xuanyuan & Chen, Qixin, 2022. "An efficient and incentive-compatible market design for energy storage participation," Applied Energy, Elsevier, vol. 311(C).
    3. Toufani, Parinaz & Nadar, Emre & Kocaman, Ayse Selin, 2022. "Short-term assessment of pumped hydro energy storage configurations: Up, down, or closed?," Renewable Energy, Elsevier, vol. 201(P1), pages 1086-1095.
    4. Lu, Bin & Stocks, Matthew & Blakers, Andrew & Anderson, Kirsten, 2018. "Geographic information system algorithms to locate prospective sites for pumped hydro energy storage," Applied Energy, Elsevier, vol. 222(C), pages 300-312.
    5. Weitzel, Timm & Glock, Christoph H., 2018. "Energy management for stationary electric energy storage systems: A systematic literature review," European Journal of Operational Research, Elsevier, vol. 264(2), pages 582-606.

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