A Novel Market Simulation Methodology on Hydro Storage
This paper presents a novel methodology to simulate the economic performance of hydro storage systems in the day-ahead (DA) and real-time (RT) markets. A detailed hydro storage system model is proposed to capture the unique characteristics of hydro storage units. A unique RT market bidding method named Tiered Bidding is proposed to represent the RT market offers of hydro storage units. In order to accurately represent the way hydro storage systems participate in the RT market, four hydro system RT bidding strategies are proposed and evaluated. The proposed methodology is applied to the Eastern Interconnection system to evaluate the economic benefits of Manitoba Hydro's market participation in MISO's RT energy and ancillary services market.
Y. Gu et al., "A Novel Market Simulation Methodology on Hydro Storage," IEEE Transactions on Smart Grid, vol. 5, no. 2, pp. 1119-1128, Institute of Electrical and Electronics Engineers (IEEE), Feb 2014.
The definitive version is available at https://doi.org/10.1109/TSG.2013.2289915
Electrical and Computer Engineering
Keywords and Phrases
Ancillary Services Markets; Co-Optimization; Economic Performance; Energy Markets; Hydro; Hydro Storage Systems; Interconnection Systems; Market Participations; Computer Science; Energy Storage; Networks (circuits); Wind; Commerce; Ancillary Services Market; Energy Market
International Standard Serial Number (ISSN)
Article - Journal
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