Influence of forecasting electricity prices in the optimization of complex hydrothermal systems
The paper deals with short-term hydrothermal scheduling (STHS) known as one of the most important optimization problems of the power systems. In traditional centralized markets, the aim of STHS is to determine the optimal operation schedule of thermal units and hydro-plants which minimizes the total thermal production costs over a short-term period, taking into account the operating constraints. The model considered in the paper concerns the current problem of competitive deregulated electricity market. In the presented approach, the company maximizes profit over a period of up to one week. In such a framework, the authors propose a new method for addressing the short-term optimal operation of a generation company. The paper generalizes a sequence of papers (among others: \textit{L. Bayón, J. M. Grau, M. M. Ruiz} and \textit{P. M. Suárez} [Appl. Math. Comput. 184, No. 1, 12--22 (2007; Zbl 1108.76019)]; \textit{L. Bayón, J. M. Grau, M. M. Ruiz} and \textit{P. M. Suárez} [J. Comput. Appl. Math. 192, No. 1, 11--19 (2006; Zbl 1088.49010)] ; \textit{L. Bayón, J. M. Grau, M. M. Ruiz} and \textit{P. M. Suárez} [Int. J. Comput. Math. 86, No. 2, 237--249 (2009; Zbl 1155.91441)]; \textit{L. Bayón, J. M. Grau} and \textit{P. Suárez} [Math. Probl. Eng. 8, No. 3, 181--196 (2002; Zbl 1130.80304)]). The contribution of the paper is threefold. Firstly, the authors present a novel method for next-day price forecasting based on a functional approach that considers the hourly price time series as a series of hourly observation of daily price functions. They model the functional time series with a linear autoregressive functional model which describes the relationships between each daily function of prices and the functions of previous days. Secondly, they formulate the optimization problem (within the framework of nonsmooth analysis using Pontryagin's maximum principle), and propose a new method that uses diverse mathematical techniques (the shooting method, Euler's method, the cyclic coordinate descent method) adapted to the case of functionals. Finally, the results of applying the method to a price-taker company in the Spanish electricity market are presented.
- Improving electricity market price forecasting with factor models for the optimal generation bid
- Risk-averse profit-based optimal scheduling of a hydro-chain in the day-ahead electricity market
- An optimization problem in deregulated electricity markets solved with the nonsmooth maximum principle
- Day-ahead market bidding for a Nordic hydropower producer: taking the Elbas market into account
- scientific article; zbMATH DE number 865591
- Forward thresholds for operation of pumped-storage stations in the real-time energy market
- Some applications of mathematical programming techniques in optimal power dispatch
- Stochastic Lagrangian relaxation applied to power scheduling in a hydro-thermal system under uncertainty
- A Bolza problem in hydrothermal optimization
- A new formulation of the equivalent thermal in optimization of hydrothermal systems
- A transformation for necessary optimality conditions for systems with polynomial nonlinearities
- An environmentally constrained economic dispatch: CFBC boilers in the day-ahead market
- An optimization problem in deregulated electricity markets solved with the nonsmooth maximum principle
- Convergence of a block coordinate descent method for nondifferentiable minimization
- Existence of neighboring feasible trajectories: applications to dynamic programming for state-constrained optimal control problems
- Functional data analysis
- scientific article; zbMATH DE number 50640 (Why is no real title available?)
- scientific article; zbMATH DE number 1113627 (Why is no real title available?)
- scientific article; zbMATH DE number 1821102 (Why is no real title available?)
- scientific article; zbMATH DE number 852523 (Why is no real title available?)
- Modern optimisation techniques in power systems
- New developments on equivalent thermal in hydrothermal optimization: an algorithm of approximation
- Nonsmooth optimization of hydrothermal problems
- On the convergence of the coordinate descent method for convex differentiable minimization
- Optimal control applications in electric power systems
- Relaxation Methods for Problems with Strictly Convex Costs and Linear Constraints
This page was built for publication: Influence of forecasting electricity prices in the optimization of complex hydrothermal systems
Report a bug (only for logged in users!)Click here to report a bug for this page (MaRDI item Q843128)
