Abstract
Within the framework of multi-stage mixed-integer linear stochastic programming we develop a short-term production plan for a price-taking hydropower plant operating under uncertainty. Current production must comply with the day-ahead commitments of the previous day which makes short-term production planning a matter of spatial distribution among the reservoirs of the plant. Day-ahead market prices and reservoir inflows are, however, uncertain beyond the current operation day and water must be allocated among the reservoirs in order to strike a balance between current profits and expected future profits. A demonstration is presented with data from a Norwegian hydropower producer and the Nordic power market at Nord Pool.
Original language | English |
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Journal | Computers and Operations Research |
Volume | 35 |
Issue number | 8 |
Pages (from-to) | 2656-2671 |
ISSN | 0305-0548 |
DOIs | |
Publication status | Published - 2008 |
Keywords
- OR in energy
- Hydropower
- Stochastic programming
- Scenarios