Abstract
The ongoing growth in wind power introduce huge amount of uncertainties to the power market. The stochastic nature of these power sources increases the need for the reserve power in real-time market. Having a flexible power source, hydropower producer can provide reserve power and increase its profit. Therefore, to build a planning model, which will allocate available capacity in different market places is an essential task for the price-taker hydropower producer. This paper uses optimal bidding model to the day-ahead market considering real-time balancing market under the uncertainties of the day-ahead and real-time market prices. Specifically, the model is built using stochastic linear programming approach. According to the results, for simultaneous bidding to day-ahead and real-time markets two extreme cases are happening. To make the bidding strategies more realistic and robust different novel approaches are modeled and assessed. Discussions on the results are provided and summarized.
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