Abstract
This paper proposed an approach to evaluate the economics of pumped-storage unit from the perspective of the power system. An MIP-based unit commitment model with multi-type units was established, which integrated thermal, CCGT, hydro, wind, nuclear and pumped-storage units. Based on the model the net present value of pumped-storage per megawatt was calculated and compared with the capital cost per megawatt, which produce the economic result of pumped-storage. The case study proved the feasibility of the above model and approach. Furthermore, the change of economic result of pumped-storage over system variables like nuclear capacity, wind capacity and regulating capacity of thermal unit was analyzed. The case study showed that with the increase of nuclear capacity, wind capacity and minimum output of thermal units, the economics of pumped-storage was improved.
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