IDEAS home Printed from https://ideas.repec.org/a/eee/renene/v204y2023icp277-289.html
   My bibliography  Save this article

Strategic bidding for a hydro-wind-photovoltaic hybrid system considering the profit beyond forecast time

Author

Listed:
  • Li, Xiao
  • Liu, Pan
  • Cheng, Lei
  • Cheng, Qian
  • Zhang, Wei
  • Xu, Shitian
  • Zheng, Yalian

Abstract

Hydro-wind-photovoltaic hybrid systems gain profit by bidding in the forecast lead-time. However, the literature focuses on bidding strategy to maximize current profits, while the future utilities (beyond forecast time) for hybrid systems are generally neglected. To address the research gap, the study proposed an integrated bidding strategy for a hydro-wind-photovoltaic hybrid system with a trade-off between current profits and future utilities considered. Steps are as follows: (1) ensemble forecasts are used within the forecast lead-time, within historical data input as stochastic scenarios beyond forecast time, (2) functional forms between the profit beyond forecast time and the reservoir carryover storage, expected price, inflow, wind and photovoltaic power are fitted, and (3) a two-layer nested bidding model is to maximize the total-profit. With China's Sichuan province as the market, the Jinping-I hybrid system was selected as the case study. Results show that: (1) profits beyond forecast time can be quantified as a linear function with R-squared for 10-day above 0.6, and (2) the optimal bidding strategy raises the profit by 0.45% while reduces water-consumption by 10.3% compared with conventional strategy. The framework is effective in gaining more profit with lower risk for hybrid systems.

Suggested Citation

  • Li, Xiao & Liu, Pan & Cheng, Lei & Cheng, Qian & Zhang, Wei & Xu, Shitian & Zheng, Yalian, 2023. "Strategic bidding for a hydro-wind-photovoltaic hybrid system considering the profit beyond forecast time," Renewable Energy, Elsevier, vol. 204(C), pages 277-289.
    • Handle: RePEc:eee:renene:v:204:y:2023:i:c:p:277-289
    DOI: 10.1016/j.renene.2022.12.098
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0960148122018948
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.renene.2022.12.098?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Streimikiene, Dalia & Siksnelyte, Indre, 2014. "Electricity market opening impact on investments in electricity sector," Renewable and Sustainable Energy Reviews, Elsevier, vol. 29(C), pages 891-904.
    2. Huang, Kangdi & Liu, Pan & Ming, Bo & Kim, Jong-Suk & Gong, Yu, 2021. "Economic operation of a wind-solar-hydro complementary system considering risks of output shortage, power curtailment and spilled water," Applied Energy, Elsevier, vol. 290(C).
    3. Silva, Ana R. & Pousinho, H.M.I. & Estanqueiro, Ana, 2022. "A multistage stochastic approach for the optimal bidding of variable renewable energy in the day-ahead, intraday and balancing markets," Energy, Elsevier, vol. 258(C).
    4. Xu, Weifeng & Liu, Pan & Cheng, Lei & Zhou, Yong & Xia, Qian & Gong, Yu & Liu, Yini, 2021. "Multi-step wind speed prediction by combining a WRF simulation and an error correction strategy," Renewable Energy, Elsevier, vol. 163(C), pages 772-782.
    5. Maryam Arbabzadeh & Ramteen Sioshansi & Jeremiah X. Johnson & Gregory A. Keoleian, 2019. "Author Correction: The role of energy storage in deep decarbonization of electricity production," Nature Communications, Nature, vol. 10(1), pages 1-1, December.
    6. Li, Xiao & Liu, Pan & Wang, Yibo & Yang, Zhikai & Gong, Yu & An, Rihui & Huang, Kangdi & Wen, Yan, 2022. "Derivation of operating rule curves for cascade hydropower reservoirs considering the spot market: A case study of the China's Qing River cascade-reservoir system," Renewable Energy, Elsevier, vol. 182(C), pages 1028-1038.
    7. Li, Gong & Shi, Jing & Qu, Xiuli, 2011. "Modeling methods for GenCo bidding strategy optimization in the liberalized electricity spot market–A state-of-the-art review," Energy, Elsevier, vol. 36(8), pages 4686-4700.
    8. Gong, Yu & Liu, Pan & Ming, Bo & Xu, Weifeng & Huang, Kangdi & Li, Xiao, 2021. "Deriving pack rules for hydro–photovoltaic hybrid power systems considering diminishing marginal benefit of energy," Applied Energy, Elsevier, vol. 304(C).
    9. Wang, Xianxun & Virguez, Edgar & Xiao, Weihua & Mei, Yadong & Patiño-Echeverri, Dalia & Wang, Hao, 2019. "Clustering and dispatching hydro, wind, and photovoltaic power resources with multiobjective optimization of power generation fluctuations: A case study in southwestern China," Energy, Elsevier, vol. 189(C).
    10. Li, He & Liu, Pan & Guo, Shenglian & Ming, Bo & Cheng, Lei & Yang, Zhikai, 2019. "Long-term complementary operation of a large-scale hydro-photovoltaic hybrid power plant using explicit stochastic optimization," Applied Energy, Elsevier, vol. 238(C), pages 863-875.
    11. Ming, Bo & Liu, Pan & Guo, Shenglian & Cheng, Lei & Zhou, Yanlai & Gao, Shida & Li, He, 2018. "Robust hydroelectric unit commitment considering integration of large-scale photovoltaic power: A case study in China," Applied Energy, Elsevier, vol. 228(C), pages 1341-1352.
    12. Philip J. Heptonstall & Robert J. K. Gross, 2021. "A systematic review of the costs and impacts of integrating variable renewables into power grids," Nature Energy, Nature, vol. 6(1), pages 72-83, January.
    13. Gong, Yu & Liu, Pan & Liu, Yini & Huang, Kangdi, 2021. "Robust operation interval of a large-scale hydro-photovoltaic power system to cope with emergencies," Applied Energy, Elsevier, vol. 290(C).
    14. Maryam Arbabzadeh & Ramteen Sioshansi & Jeremiah X. Johnson & Gregory A. Keoleian, 2019. "The role of energy storage in deep decarbonization of electricity production," Nature Communications, Nature, vol. 10(1), pages 1-11, December.
    15. Tan, Qiao-feng & Lei, Xiao-hui & Wen, Xin & Fang, Guo-hua & Wang, Xu & Wang, Chao & Ji, Yi & Huang, Xian-feng, 2019. "Two-stage stochastic optimal operation model for hydropower station based on the approximate utility function of the carryover stage," Energy, Elsevier, vol. 183(C), pages 670-682.
    16. Ding, Ziyu & Wen, Xin & Tan, Qiaofeng & Yang, Tiantian & Fang, Guohua & Lei, Xiaohui & Zhang, Yu & Wang, Hao, 2021. "A forecast-driven decision-making model for long-term operation of a hydro-wind-photovoltaic hybrid system," Applied Energy, Elsevier, vol. 291(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Xu, Shitian & Liu, Pan & Li, Xiao & Cheng, Qian & Liu, Zheyuan, 2023. "Deriving long-term operating rules of the hydro-wind-PV hybrid energy system considering electricity price," Renewable Energy, Elsevier, vol. 219(P1).
    2. Gong, Yu & Liu, Pan & Ming, Bo & Feng, Maoyuan & Huang, Kangdi & Wang, Yibo, 2022. "Identifying the functional form of operating rules for hydro–photovoltaic hybrid power systems," Energy, Elsevier, vol. 243(C).
    3. Gong, Yu & Liu, Pan & Ming, Bo & Xu, Weifeng & Huang, Kangdi & Li, Xiao, 2021. "Deriving pack rules for hydro–photovoltaic hybrid power systems considering diminishing marginal benefit of energy," Applied Energy, Elsevier, vol. 304(C).
    4. Li, Xiao & Liu, Pan & Wang, Yibo & Yang, Zhikai & Gong, Yu & An, Rihui & Huang, Kangdi & Wen, Yan, 2022. "Derivation of operating rule curves for cascade hydropower reservoirs considering the spot market: A case study of the China's Qing River cascade-reservoir system," Renewable Energy, Elsevier, vol. 182(C), pages 1028-1038.
    5. Li, He & Liu, Pan & Guo, Shenglian & Zuo, Qiting & Cheng, Lei & Tao, Jie & Huang, Kangdi & Yang, Zhikai & Han, Dongyang & Ming, Bo, 2022. "Integrating teleconnection factors into long-term complementary operating rules for hybrid power systems: A case study of Longyangxia hydro-photovoltaic plant in China," Renewable Energy, Elsevier, vol. 186(C), pages 517-534.
    6. Cheng, Qian & Liu, Pan & Xia, Qian & Cheng, Lei & Ming, Bo & Zhang, Wei & Xu, Weifeng & Zheng, Yalian & Han, Dongyang & Xia, Jun, 2023. "An analytical method to evaluate curtailment of hydro–photovoltaic hybrid energy systems and its implication under climate change," Energy, Elsevier, vol. 278(C).
    7. Gong, Yu & Liu, Pan & Ming, Bo & Li, Dingfang, 2021. "Identifying the effect of forecast uncertainties on hybrid power system operation: A case study of Longyangxia hydro–photovoltaic plant in China," Renewable Energy, Elsevier, vol. 178(C), pages 1303-1321.
    8. Wang, Yanling & Wen, Xin & Su, Huaying & Qin, Jisen & Kong, Linghui, 2023. "Real-time dispatch of hydro-photovoltaic (PV) hybrid system based on dynamic load reserve capacity," Energy, Elsevier, vol. 285(C).
    9. Li, He & Liu, Pan & Guo, Shenglian & Cheng, Lei & Huang, Kangdi & Feng, Maoyuan & He, Shaokun & Ming, Bo, 2021. "Deriving adaptive long-term complementary operating rules for a large-scale hydro-photovoltaic hybrid power plant using ensemble Kalman filter," Applied Energy, Elsevier, vol. 301(C).
    10. Chaoyang Chen & Hualing Liu & Yong Xiao & Fagen Zhu & Li Ding & Fuwen Yang, 2022. "Power Generation Scheduling for a Hydro-Wind-Solar Hybrid System: A Systematic Survey and Prospect," Energies, MDPI, vol. 15(22), pages 1-31, November.
    11. Huang, Kangdi & Liu, Pan & Ming, Bo & Kim, Jong-Suk & Gong, Yu, 2021. "Economic operation of a wind-solar-hydro complementary system considering risks of output shortage, power curtailment and spilled water," Applied Energy, Elsevier, vol. 290(C).
    12. Cheng, Qian & Liu, Pan & Xia, Jun & Ming, Bo & Cheng, Lei & Chen, Jie & Xie, Kang & Liu, Zheyuan & Li, Xiao, 2022. "Contribution of complementary operation in adapting to climate change impacts on a large-scale wind–solar–hydro system: A case study in the Yalong River Basin, China," Applied Energy, Elsevier, vol. 325(C).
    13. Zhang, Yusheng & Ma, Chao & Yang, Yang & Pang, Xiulan & Liu, Lu & Lian, Jijian, 2021. "Study on short-term optimal operation of cascade hydro-photovoltaic hybrid systems," Applied Energy, Elsevier, vol. 291(C).
    14. Huang, Kangdi & Liu, Pan & Kim, Jong-Suk & Xu, Weifeng & Gong, Yu & Cheng, Qian & Zhou, Yong, 2023. "A model coupling current non-adjustable, coming adjustable and remaining stages for daily generation scheduling of a wind-solar-hydro complementary system," Energy, Elsevier, vol. 263(PB).
    15. Cheng, Qian & Liu, Pan & Feng, Maoyuan & Cheng, Lei & Ming, Bo & Luo, Xinran & Liu, Weibo & Xu, Weifeng & Huang, Kangdi & Xia, Jun, 2023. "Complementary operation with wind and photovoltaic power induces the decrease in hydropower efficiency," Applied Energy, Elsevier, vol. 339(C).
    16. Gong, Yu & Liu, Pan & Liu, Yini & Huang, Kangdi, 2021. "Robust operation interval of a large-scale hydro-photovoltaic power system to cope with emergencies," Applied Energy, Elsevier, vol. 290(C).
    17. Yang, Zhikai & Liu, Pan & Cheng, Lei & Liu, Deli & Ming, Bo & Li, He & Xia, Qian, 2021. "Sizing utility-scale photovoltaic power generation for integration into a hydropower plant considering the effects of climate change: A case study in the Longyangxia of China," Energy, Elsevier, vol. 236(C).
    18. Cheng, Qian & Ming, Bo & Liu, Pan & Huang, Kangdi & Gong, Yu & Li, Xiao & Zheng, Yalian, 2021. "Solving hydro unit commitment problems with multiple hydraulic heads based on a two-layer nested optimization method," Renewable Energy, Elsevier, vol. 172(C), pages 317-326.
    19. Chen, Qi & Kuang, Zhonghong & Liu, Xiaohua & Zhang, Tao, 2022. "Energy storage to solve the diurnal, weekly, and seasonal mismatch and achieve zero-carbon electricity consumption in buildings," Applied Energy, Elsevier, vol. 312(C).
    20. Jiang, Jianhua & Ming, Bo & Huang, Qiang & Guo, Yi & Shang, Jia’nan & Jurasz, Jakub & Liu, Pan, 2023. "A holistic techno-economic evaluation framework for sizing renewable power plant in a hydro-based hybrid generation system," Applied Energy, Elsevier, vol. 348(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:renene:v:204:y:2023:i:c:p:277-289. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.journals.elsevier.com/renewable-energy .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.