Om
The market price is typically provided as an exogenous input to the model, for example from the Samkjøringsmodellen (Nordic Market Model), and the model accounts for uncertainty in both water inflow and market prices.
In Norway, the model is used by hydropower producers for generation planning, investment analysis, maintenance planning, and estimating the costs of equipment failures.
In Vansimtap, water values are calculated using an aggregated energy model and then simulated with a detailed reservoir release allocation model. The model includes functionality for both aggregation and disaggregation of the hydropower system. Its computation time is significantly faster than that of alternative models.
Vansimtap includes a seasonal model based on multi-scenario deterministic optimization for calculating individual water values. These water values can be used directly for bidding in the electricity market or as terminal values in the short-term generation optimization model SHOP.
Vansimtap and EMPS - multi area power-market simulator
These are currently two of the most widely used energy models in the Nordic power market. They are used for generation planning (long- and medium-term), expansion planning, and power system and market analysis. The models are best suited for power systems with a significant share of hydropower.
The models can be run as standalone applications or accessed through Python functions.