Joint Operation Modes and Economic Analysis of Nuclear Power and Pumped Storage Plants under Different Power Market Environments

Yanyue Wang and Guohua Fang
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Yanyue Wang: College of Electric Power, North China University of Water Resources and Electric Power, Zhengzhou 450045, China
Guohua Fang: College of Water Conservancy and Hydropower Engineering, Hohai University, Nanjing 210098, China

Sustainability, 2022, vol. 14, issue 15, 1-17

Abstract: Given the continuous promotion of power market reforms, the joint operation modes and economic analysis of nuclear power and pumped storage hydropower under different market mechanisms are the key to ensuring the low-carbon and economic operation of the power system. First, this study constructed the power expansion optimization model and put forward the allocation ratio by combining the operation characteristics of nuclear power and pumped storage. Second, a simulation model for the joint operation was established to optimize their operation modes. Finally, the joint operation modes and a method for calculating profitability under different power market mechanisms were proposed. A case study in the FJ power grid reveals that the joint operation of nuclear power and pumped storage can increase the annual utilization hours of nuclear power by 1000 h, reduce the operation cost of pumped storage, and increase the market competitiveness of the system. With the improvement in the power market, the joint financial internal rate of return of the system would increase gradually to 11.40% in the long-term mature market. This indicates that the power market reforms would ensure the profitability of the joint operation of nuclear power and pumped storage.

Keywords: nuclear power; pumped storage; power market; joint operation; profitability (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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