The Benefit Realization Mechanism of Pumped Storage Power Plants Based on Multi-Dimensional Regulation and Leader-Follower Decision-Making

Yanyue Wang, Guohua Fang () and Zhenni Wang
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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
Zhenni Wang: College of Water Conservancy and Hydropower Engineering, Hohai University, Nanjing 210098, China

Energies, 2022, vol. 15, issue 16, 1-15

Abstract: The roles and benefits of pumped storage are reflected in different stakeholders of the power system. The multi-dimensionality and non-linearity of pumped storage multi-stakeholder decision-making make pumped storage benefit realization a hot research topic with challenges. This paper takes pumped storage benefit sharing as the breakthrough. It adopts multiple regulation strategies and multi-level decision-making measures based on the multiple objectives of different stakeholders. A method and a framework for pumped storage benefit realization are proposed. This paper proposes the objective function system with the fairness objective at the leader level, the participation objective at the secondary leader level, and the efficiency objective at the follower level. It also constructs a three-level Leader-Follower objective model with multi-dimensional regulation and multiple values, and it develops the corresponding solution method based on Stackelberg dynamic game and interactive algorithms. The results reveal that the values of fairness, participation, and efficiency indicators of the pumped storage plant are 1.75%, 0.25%, and 9.75%, respectively, and all the indicators meet the requirements. The research results are conducive to promoting the realization of a win-win situation for different stakeholders of pumped storage, and they highlight how pumped storage plants can fulfill their functions in the power system as well as ensure its survival and development.

Keywords: pumped storage; multiple objectives; multi-dimensional regulation; Stackelberg decision-making; benefit realization mechanism (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2022
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