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Economic effects of forecasting inaccuracies in the automatic frequency restoration service for the day-ahead energy and reserve scheduling of pumped storage plants

M. Chazarra, J.I. Pérez-Díaz, J. García-González, A. Helseth

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


Electric Power Systems Research. Volume: 174 Issue: 105850 Pages: 1-9

JCR Impact Factor and Scopus quartile: 2.856 - Q1 (2017)

DOI reference: DOI icon 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, no. 105850, pp. 1-9, September 2019. [Online: May 2019]


    Topics research:
  • Unit-commitment in electricity markets with high RES penetration
  • Strategic bidding models
  • Short and Medium term hydro and hydrothermal scheduling

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