Day-ahead electricity market bidding for a cascaded reservoir system: A stochastic programming approach

Abstract

In this thesis a stochastic model for bid optimization and short-term productionscheduling has been implemented and tested trough a simulationprocedure run over a longer period of time for a complex real-life river system.The same simulation procedure is also implemented for a multi scenariodeterministic heuristic similar to what is used in the industry, and the resultsare compared. The comparison show that the stochastic model gives signi-cant improvements in terms of higher obtained average price and higher totalvalue than the equivalent deterministic model.