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Short-term scheduling of a cascade of run-of-river hydro power plants is always a challenge. In the paper, a quadratic programming approach is used to solve this problem for the hydro power plant chain on the Slovenian Sava River. The approach considers head-dependency and discharge ramping constraints and takes the nonlinear connection between the water discharge and, the head and the power generation...
This paper presents a method for short-term electricity price forecasting based on combination of the Monte Carlo simulation and Markov chains. The method provides an estimation of the probabilities of various electricity price ranges, average prices, and probabilities of the highest price range, for each hour of the next 24 hours. The external variables have been implicitly accounted for through...
In the liberalized electricity markets, the utilities need the right model to forecast the stochastic behavior of electricity market prices. The models range from quantitative models, cost-based models, economic equilibrium models, agent-based models, experimental models, and fundamental models determining the stochastic properties of electricity prices. The focus of the investigation was to calibrate...
The retail company on the liberalized electricity market faces an increasing price risk exposure, stemming from the uncertain demand and the wholesale market price volatility. In the paper the influence of the stochastic parameters on the retailer's overall risk exposure is analyzed. After constructing the appropriate models for consumer demand, electricity spot price and forward price curve, the...
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