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Bidding hydropower generation: Integrating short- and long-term scheduling

Stein-Erik Fleten, Daniel Haugstvedt, Jens Arne Steinsbø, Michael Belsnes and Franziska Fleischmann

MPRA Paper from University Library of Munich, Germany

Abstract: Bidding of flexible reservoir hydropower in day-ahead (spot) auctions needs to be done under uncertainty of electricity prices and inflow to reservoirs. The presence of reservoirs also means that the short-term problem of determining bids for the next 12–36 hours is a part of a long term problem in which the question is whether to release water now or store it for the future. This multi-scale challenge is usually addressed by using several models for hydropower planning, at least one long-term model and one short-term model. We present a multistage stochasticmixed integer programming model that has a fine time resolution on near term, and a coarser resolution going forward. It handles price as a stochastic parameter and assumes deterministic inflow as it is intended for use in the winter season.

Keywords: Hydropower scheduling; bidding strategies; stochastic programming (search for similar items in EconPapers)
JEL-codes: C61 D8 Q25 Q4 (search for similar items in EconPapers)
Date: 2011
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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