Abstract
The paper formulates a unit commitment problem with the objective to minimize the overall cost of system operation while fulfilling the system constraints for a power system characterizing, thermal pumped hydro and PV generation plants along with demand. The model is applied with and without the presence of the pumping capability of the PHES unit for a 6-bus test system. Comparison of overall system cost for the demand to br met allows us to asses the economic impact of the storage characteristics in a PHES The results indicate a reduction in overall cost of system operation by 26.5%. The paper also calculates the economic value of pump storage in the power system with VRE sources like solar PV.
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