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On the Importance of Detailed Thermal Modeling for Price Forecasting in Hydro-Thermal Power Systems

On the Importance of Detailed Thermal Modeling for Price Forecasting in Hydro-Thermal Power Systems

Category
Part of a book/report
Abstract
This paper presents a framework for long-term price forecasting in hydro-thermal power systems comprising two modeling layers. A long-term hydro-thermal model expresses the expected future cost as a function of hydro reservoir levels to a short-term operational model. The short-term model re-optimizes the weekly decision problem with more details and a finer time resolution. To cope with the high computation times, we decompose the weekly decision problem into daily sub-problems by interpolating in the weekly cost functions from the long-term model. The short-term model is refined by adding detailed constraints on the operation of thermal power plants. We assess the importance of detailed modeling of thermal power plants in a case study of the Nordic power system.
Client
  • Norges forskningsråd / 268014
Language
English
Affiliation
  • SINTEF Energy Research / Energisystemer
  • Norwegian University of Science and Technology
Year
2020
Publisher
IEEE
Book
2019 IEEE Electrical Power and Energy Conference - EPEC 2019
ISBN
978-1-7281-3406-2