Bidding strategy of pumped storage power station in spot market considering different optimization periods

Li Zhou,Yongxiu He,Zhou Lan,Peiliang Liu,Shuyi Shen,Sijia Liu,Feifei Sun,R Weerasinghe,J Wu,C.-H Weng

doi:10.1051/e3sconf/202019401009

Abstract

Pumped storage power station has multiple functions, such as alleviating the contradiction between peak and valley, to ensure the safe and economic operation of power grid. In the non market stage, pumped storage power stations mainly obey the system operator’s scheduling. In the market stage, pumped storage power stations in China are likely to participate in the competitive power market and provide peak power, frequency regualtion and recovery services. The paper studies the bidding strategies of the pumped storage power stations participating in the power market, and provides decision support for the pumped storage power stations to maximize market returns.

Highlights

Since the launch of a new round of power system reform in 2015, China's electricity market construction has been rapidly promoted in all provinces
In August 2017, the National Development and Reform Commission and the State Energy Administration issued the notice on carrying out the electric power spot pilot market construction, selecting eight regions in the South, Mengxi, Zhejiang, Shanxi, Shandong, Fujian, Sichuan and Gansu as the first batch of electric power spot pilot markets
In the power market, Pumped storage power stations in the electric energy market can track the market electricity prices in real time, and rationally arrange the period of pumping power purchase and water discharge power generation. Can they obtain huge electrical energy benefits[2], and have a huge impact on maintaining the stability of the grid system, the smooth operation of power plants, and energy saving positive externality[3,4,5].Literature [6] establishs a secondary optimization model for pumped storage power station, first determine the operation plan of the pumped storage power station based on the prediction of the future electricity price of the electricity market, further consider the storage capacity constraints, and adjust the operation plan

Summary

Introduction

Since the launch of a new round of power system reform in 2015, China's electricity market construction has been rapidly promoted in all provinces. In the power market, Pumped storage power stations in the electric energy market can track the market electricity prices in real time, and rationally arrange the period of pumping power purchase and water discharge power generation Can they obtain huge electrical energy benefits[2], and have a huge impact on maintaining the stability of the grid system, the smooth operation of power plants, and energy saving positive externality[3,4,5].Literature [6] establishs a secondary optimization model for pumped storage power station, first determine the operation plan of the pumped storage power station based on the prediction of the future electricity price of the electricity market, further consider the storage capacity constraints, and adjust the operation plan.

Bidding Strategy Analysis for Pumped Storage Power Station

Example calculation

Findings

Conclusions