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This paper presents a novel methodology to simulate the economic performance of hydro storage systems in the day-ahead (DA) and real-time (RT) markets. A detailed hydro storage system model is proposed to capture the unique characteristics of hydro storage units. A unique RT market bidding method named Tiered Bidding is proposed to represent the RT market offers of hydro storage units. In order to...
This paper presents a methodology to quantify the economic benefits of having centralized energy market and ancillary services market. A long-term production cost simulation model, which performs security-constrained unit commitment (SCUC) and security-constrained economic dispatch (SCED), is employed to simulate the operating conditions of the system with and without the energy and ancillary services...
This paper presents a simulation methodology that evaluates the economic performance of hydro storage system in the day-ahead (DA) and real-time (RT) markets. A detailed hydro storage system model is proposed to capture the unique characteristics of hydro storage units. A long-term production cost simulation model is employed which performs chronological hourly Security-Constrained Unit Commitment...
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