2007
DOI: 10.1016/j.jedc.2006.03.004
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Profit-maximizing operation and valuation of hydroelectric plant: A new solution to the Koopmans problem

Abstract: Koopmans's approach to hydroelectric storage is reformulated for competitive profit maximization, with electricity priced by time of use. Duality methods of linear programming are applied to the problems of operation and rental valuation of a hydro plant and its river. Both problems are approached by using time-dependent shadow-pricing of water, and if the given market price for electricity (p) is a continuous function of time, then the shadow price function for water (ψ) is shown to be unique. The two prices … Show more

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Cited by 18 publications
(16 citation statements)
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“…To our knowledge the expression "water value" was introduced for the first time by Larsson and Stage in [29]. For a treatment of water values defined by means of Lagrangian multipliers in a cost minimization problem see [16] and an approach consisting in a time dependent shadow pricing of water in profit maximization problem can be found in [27].…”
Section: Hydro-infrastructure Dynamics Equations Connecting Basin Levmentioning
confidence: 99%
“…To our knowledge the expression "water value" was introduced for the first time by Larsson and Stage in [29]. For a treatment of water values defined by means of Lagrangian multipliers in a cost minimization problem see [16] and an approach consisting in a time dependent shadow pricing of water in profit maximization problem can be found in [27].…”
Section: Hydro-infrastructure Dynamics Equations Connecting Basin Levmentioning
confidence: 99%
“…This paper formulates a hydro-economic river basin model (HERBM) of a price-taking hydro generating company (GENCO, Zagreb, Croatia) which participates in a simultaneous energy and ancillary services day-ahead markets (DAMs) [1][2][3][4][5]. In order to successfully bid on a market, a hydro…”
Section: Introductionmentioning
confidence: 99%
“…In a traditional (cost minimization) environment hydropower plant dispatching is optimized using hydro-thermo coordination processes [1][2][3]. On the contrary, in a deregulated environment, which is pursued in many countries, the main goal is to find the hydropower plant dispatch with the highest possible profit [4,5].…”
Section: Introductionmentioning
confidence: 99%