Summary:
The economic effects of forecasting inaccuracies in the automatic frequency restoration service is analyzed in the context of the operation of a closed-loop and daily-cycle pumped-storage hydropower plant. The uncertainties when scheduling the automatic frequency restoration service are composed by the residual demand curves of the day-ahead reserve market, the upward and downward energy prices due to the activation of the reserves, and the percentages of the upward and downward real-time use of the committed reserves. The plant participates in the day-ahead energy market as a price-taker and in the reserve market as a price-maker, in the context of the Iberian electricity system. In addition, the energy due to the real-time use of the committed reserves is also considered. Results show that the profit is significantly more sensitive to forecast inaccuracies of the day-ahead energy market prices than of the prices and real-time use of reserves from the automatic frequency restoration service.
Keywords: Pumped-storage plant; Automatic frequency restoration service; Residual reserve curve forecasting; Real-time use of reserves; Value of perfect Information
JCR Impact Factor and WoS quartile: 3,211 - Q2 (2019); 3,900 - Q2 (2022)
DOI reference:
https://doi.org/10.1016/j.epsr.2019.04.028
Published on paper: September 2019.
Published on-line: May 2019.
Citation:
M. Chazarra, J.I. Pérez-Díaz, J. García-González, A. Helseth, Economic effects of forecasting inaccuracies in the automatic frequency restoration service for the day-ahead energy and reserve scheduling of pumped storage plants. Electric Power Systems Research. Vol. 174, pp. 105850-1 - 105850-9, September 2019. [Online: May 2019]
