Abstract
The establishment of more severe hydrological environmental constraints, usually as seasonal minimum flows (ϕ) and maximum ramping rates (ρ), on hydropower operation is a growing trend. This paper presents a study on the influence of ϕ and ρ on the water values (WV) of a real hydropower plant that participates in the Spanish day-ahead electricity market. For this purpose, a master-slave algorithm, based on stochastic dynamic programming (SDP) and deterministic mixed integer linear programming (DMILP), is used on a real hydropower plant. The master module, based on SDP, has a yearly planning period with weekly time steps and considers three state variables: stored water volume in the reservoir at the beginning of each week; weekly water inflow; and average weekly energy price. The slave module, based on DMILP, has a weekly planning period with hourly time steps and considers many features of the hydropower plant operation, such as: start-up costs, evaporation, wear and tear costs, etc. The results indicate that WV of a hydropower plant are very sensitive to the presence of these constraints; ϕ especially during the wettest season and ρ during the driest one. As the severity of ϕ and ρ increase, WV increase and decrease, respectively.
Highlights
This research article is an expanded study based on the conference paper entitled “Influence of the maximum flow ramping rates on the water value” presented in the 5th International Workshop onHydro Scheduling in Competitive Electricity Markets celebrated in Trondheim, Norway, during the17th and the 18th of September of 2015 whose proceedings were published in [1].Water has an economic value in all its competing uses [2]
In the framework of a competitive electricity market, the hydroelectric use of this good, so special [3], may define that value as the marginal change in the hydropower producer’s expected revenue for a marginal change in its available hydro resources [4]. In this context, the water value (WV) can be understood as an opportunity benefit which plays an important role between the long- and short-term hydro scheduling models by bringing the consequences of the expected future into the present [5]
WV depends on the time of the year and the water content stored in the reservoir of each hydropower plant [6]
Summary
This research article is an expanded study based on the conference paper entitled “Influence of the maximum flow ramping rates on the water value” presented in the 5th International Workshop on. In the framework of a competitive electricity market, the hydroelectric use of this good, so special [3], may define that value as the marginal change in the hydropower producer’s expected revenue for a marginal change in its available hydro resources [4] In this context, the water value (WV) can be understood as an opportunity benefit which plays an important role between the long- and short-term hydro scheduling models by bringing the consequences of the expected future into the present [5]. This study has two objectives: first, to start filling the knowledge gap of how φ affects WV, and second, to compare this influence with that caused by ρ described in [1] This is the reason why a very similar optimisation model and the same case study presented in [1] are used in this study in order to make a fair comparison between the results shown here and those of [1].
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