 Optimal operation and forecasting policy for pump storage plants in day-ahead marketsThomas Muche Applied Energy, 2014, vol. 113, issue C, 1089-1099 Abstract: Pump storage plants are an important electricity storage technology at present. Investments in this technology are expected to increase. The necessary investment valuation often includes expected cash flows from future price-based unit commitment policies. A price-based unit commitment policy has to consider market price uncertainty and the information revealing nature of electricity markets. For this environment stochastic programming models are suggested to derive the optimal unit commitment policy. For the considered day-ahead price electricity market stochastic and deterministic unit commitment policies are comparable suggesting an application of easier implementable deterministic models. In order to identify suitable unit commitment and forecasting policies, deterministic unit commitment models are applied to actual day-ahead electricity prices of a whole year. As a result, a robust forecasting model should consider the unit commitment planning period. This robust forecasting models result in expected cash flows similar to realized ones allowing a reliable investment valuation. Keywords: Forecasting; Stochastic programming; Unit commitment (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:appene:v:113:y:2014:i:c:p:1089-1099 Ordering information: This journal article can be ordered from DOI: 10.1016/j.apenergy.2013.08.049 Access Statistics for this article Applied Energy is currently edited by J. Yan More articles in Applied Energy from Elsevier |
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