Abstract
This paper presents a simulation methodology that evaluates the economic performance of hydro storage system in the day-ahead (DA) and real-time (RT) markets. A detailed hydro storage system model is proposed to capture the unique characteristics of hydro storage units. A long-term production cost simulation model is employed which performs chronological hourly Security-Constrained Unit Commitment (SCUC) and Security-Constrained Economic Dispatch (SCED) and cooptimizes both the energy market and the ancillary services market. Three MH RT bidding strategies are proposed to represent how MH bids to the RT market. A unique RT market bidding method named Tiered Bidding is proposed to represent hydro storage units' RT market offer curves. The proposed methodology is applied to the Eastern Interconnection system to evaluate the economic benefits of Manitoba Hydro's active market participation in MISO's RT energy and ancillary services market.
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