Multi-Objective Optimal Long-Term Operation of Cascade Hydropower for Multi-Market Portfolio and Energy Stored at End of Year

Haojianxiong Yu, Jianjian Shen (), Chuntian Cheng, Jia Lu and Huaxiang Cai
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Haojianxiong Yu: Institute of Hydropower & Hydro informatics, Dalian University of Technology, Dalian 116024, China
Jianjian Shen: Institute of Hydropower & Hydro informatics, Dalian University of Technology, Dalian 116024, China
Chuntian Cheng: Institute of Hydropower & Hydro informatics, Dalian University of Technology, Dalian 116024, China
Jia Lu: China Yangtze Power Co., Ltd., Yichang 443133, China
Huaxiang Cai: Kunming Power Exchange Center, Kunming 650011, China

Energies, 2023, vol. 16, issue 2, 1-21

Abstract: Taking into account both market benefits and power grid demand is one of the main challenges for cascade hydropower stations trading on electricity markets and secluding operation plan. This study develops a multi-objective optimal operation model for the long-term operation of cascade hydropower in different markets. Two objectives were formulated for economics benefits and carryover energy storage. One was to maximize the market utility value based on portfolio theory, for which conditional value at risk (CVaR) was applied to measure the risk of multi-markets. Another was the maximization of energy storage at the end of a year. The model was solved efficiently through a multi-objective particle swarm optimization (MOPSO). Under the framework of the MOPSO, the chaotic mutation search mechanism and elite individual retention mechanism were introduced to diversify and accelerate the non-inferior solution sets. Lastly, a dynamic updating of archives was established to collect the non-inferior solution. The proposed model was implemented on the hydropower plants on the Lancang River, which traded on the Yunnan Electricity Market (YEM). The results demonstrated non-inferior solution sets in wet, normal and dry years. A comparison in solution sets revealed an imbalanced mutual restriction between objectives, such that a 2.65 billion CNY increase in market utility costs a 13.96 billion kWh decrease in energy storage. In addition, the non-inferior solution provided various schemes for actual demands based on other evaluating indexes such as the minimum output, power generation and spillage.

Keywords: electricity market; mean-CVaR; cascade dispatching; MOPSO (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: 2023
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