12th IEEE PowerTech Conference - PowerTech 2017, Manchester (United Kingdom). 18-22 June 2017
Summary:
The economic impact of forecasting errors in the residual demand curves of the secondary regulation reserve market is analysed in the context of the operation of a closed-loop and daily-cycle pumped-storage hydropower plant. The plant participates in the day-ahead energy market as a price-taker and in the secondary regulation reserve market as a price-maker. The secondary regulation energy due to the real-time use of the committed reserves is also considered in the optimization model. The results show that profit is significantly more sensitive to forecast errors in the day-ahead energy market prices than in the residual demand curves of the secondary regulation reserve market.
Keywords: Pumped-Storage Plant, Secondary Regulation Service, Residual Reserve Curve Forecasting, Value of PerfectInformation.
DOI: 
https://doi.org/10.1109/PTC.2017.7980795
Published in 2017 IEEE Manchester PowerTech, pp: 1-6, ISBN: 978-1-5090-4238-8
Publication date: 2017-06-18.
Citation:
M. Chazarra, J.I. Pérez-Díaz, J. García-González, A. Helseth, Economic impact of forecasting errors in residual reserve curves in the day-ahead scheduling of pumped storage plants, 12th IEEE PowerTech Conference - PowerTech 2017, Manchester (United Kingdom). 18-22 June 2017. In: 2017 IEEE Manchester PowerTech: Conference proceedings, ISBN: 978-1-5090-4238-8
