We present a literature survey and research gap analysis of mathematical and statistical methods used in the context of optimizing bids in electricity markets. Particularly, we are interested in methods for hydropower producers that participate in multiple, sequential markets for short-term delivery...

In deregulated electricity markets, hydropower producers must bid their production into the day-ahead market. For price-taking producers, it is optimal to offer energy according to marginal costs, which for hydropower are determined by the opportunity cost of using water that could have been stored ...

In this paper we compare several methods used by hydropower producers for the determination of bids to the day-ahead market. The methods currently used by the hydropower industry are based on heuristics and expert assessments, but we also include a new method for formal optimization of the bid decis...

We present a model for operational stochastic short-term hydropower scheduling, taking into account the uncertainty in future prices and inflow, and illustrate how the benefits of using a stochastic rather than a deterministic model can be quantified. The solution method is based on stochastic succe...

Hydropower producers need to schedule when to release water from reservoirs and participate in wholesale electricity markets where the day-ahead production is physically traded. A mixed-integer linear stochastic model for bid optimization and short-term production allocation is developed and tested ...