Abstract
At present, the electricity market is relatively free and open for investors. With the development of the renewable energy technology, investing in a hybrid renewable energy system, such as photovoltaic-pumped hydro storage (PV-PHS) and wind-battery hybrid energy system, in the electricity market may be a promising choice for investors to obtain the profits. Therefore, in this paper, the optimal operation strategy of the PV-PHS hybrid energy system in the electricity market is proposed. The sequential quadratic programming (SQP) method is used to find the optimal operation strategy with maximum income. Moreover, the influence of various rated power of the reversible pump and capacity of the upper reservoir on the daily income is investigated. The results show the PHS have a significant improvement on the daily income, especially when the fluctuation of the electricity price is high.
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