NDLI: Assessing hydropower operational profitability considering energy and reserve markets

Content Provider	IET Digital Library
Author	Helseth, Arild Fodstad, Marte Askeland, Magnus Mo, Birger Nilsen, Odd Bjarte Díaz, Juan Ignacio Pérez Chazarra, Manuel Guisández, Ignacio
Abstract	The authors analyse the operational profitability of a hydropower system selling both energy and reserve capacity in a competitive market setting. A mathematical model based on stochastic dynamic programming is used to compute the water values for the system considering different power plant configurations. The uncertainties in inflow and both energy and reserve capacity prices are considered through a discrete Markov chain. Subsequently, the system operation is simulated based on the obtained water values to assess system performance and expected revenues from the two markets. The model is applied in a case study for a Norwegian hydropower producer, showing how the power plant operation changes and profitability increases when considering sale of reserve capacity. The authors emphasise on how the water values are influenced by the opportunity to sell reserve capacity, and assess how the representation of non-convex relationships in the water value computations as well as simulation influence the profitability.
Starting Page	1640
Ending Page	1647
Page Count	8
ISSN	17521416
Volume Number	11
e-ISSN	17521424
Issue Number	Issue 13, Nov (2017)
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/iet-rpg/11/13
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/10.1049/iet-rpg.2017.0407
Journal	IET Renewable Power Generation
Publisher Date	2017-08-04
Access Restriction	Open
Rights Holder	© The Institution of Engineering and Technology
Subject Keyword	Competitive Market Setting Dynamic Programming Energy Capacity Prices Energy Markets Energy ReSource Hydroelectric Power Hydroelectric Power Stations And Plant Hydropower Operational Profitability Assessment Mathematical Model Norwegian Hydropower Producer Optimisation Technique Power Generation Economics Power Market Power Plant Configurations Power System Economics Power System Managemen Power System Operation Pricing Profitability Reserve Capacity Prices Reserve Markets Stochastic Dynamic Programming Stochastic Programming Water Value Computation
Content Type	Text
Resource Type	Article
Subject	Renewable Energy, Sustainability and the Environment

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4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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