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Rolling Horizon Simulator for Evaluation of Bidding Strategies for Reservoir Hydro

Rolling Horizon Simulator for Evaluation of Bidding Strategies for Reservoir Hydro

Category
Academic chapter/article/Conference paper
Abstract
In this paper, a practical approach for benchmarking different bidding strategies towards the day-ahead market has been evaluated. A rolling horizon simulation framework is developed and closely integrated in the daily operations of a hydropower producer. The power producer’s existing framework of decision support models and data for prices and inflow has been used to simulate the use of alternative strategies on a real life case. In the simulation procedure, a mixed-integer stochastic optimization model is used to determine the bids to the electricity market and the production schedule. It has been demonstrated that simulation over a long timehorizon can be used to evaluate different bidding strategies. Results from the case study show that one single strategy not necessarily will be the optimal one under all conditions, because the optimal strategy will depend on the the state of the system
Language
English
Author(s)
Affiliation
  • Norwegian University of Science and Technology
  • Norsk Hydro ASA
  • SINTEF Energy Research / Energisystemer
Year
2019
Publisher
IEEE
Book
2019 16th International Conference on the European Energy Market - EEM 2019
Issue
2019
ISBN
978-1-7281-1257-2
Page(s)
1 - 7