Profit-Based Optimal Operation of a Head-Dependent Hydroelectric Power Station  in the Bilateral Market

Authors

Deregulation and liberalization of electric power

industry, among other things, has created new requirements for

the market participants. The power system engineer, operator,

and, in general, the market participant is being faced with

requirements for which he does not have adequate training and

the proper software tools. In this framework, among others, a

pure hydro-generation company has to operate its hydro units,

throughout the operating day, trying to fulfill the market

clearing schedule or a bilateral contract, and modify the

program in the intra-day energy markets if necessary (or more

suitable) as real-time operation is getting closer. In this

scenario the objective is to maximize the hydroelectric power

plant profit from selling energy in the spot market or by means

of bilateral contracts. In this paper the optimal operation of a

head-dependent hydroelectric power station in bilateral

market−short-term hourly hydro resource scheduling for

energy− is obtained.