RETRACTED: Pumped hydro energy storage arbitrage in the day-ahead market in smart grid using stochastic p-robust optimization method

Li, Zhifeng; Zhang, Qing; Guo, Qun; Nojavan, Sayyad

doi:10.1016/j.scs.2021.103274

Cited by 18 publications

(8 citation statements)

References 37 publications

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“…Because a PHS facility's net power output is negativerecapturing only about 70 to 80% of power inputs-it is not classified as a power-generating facility [62]. Therefore, for PHS to effectively function as large-scale energy storage, it must participate in the day-ahead electricity market as a prosumer (a producer-consumer), necessitating the use of bidding and offering curves [63].…”

Section: Global Energy Policies and The Role Of Pumped Hydro Storagementioning

confidence: 99%

“…This introduces the need for innovative strategies and technological advancements to construct effective bid and offer curves, enabling PHS to participate successfully in the day-ahead electricity market. Encouragingly, the existing literature [38,59,63] has begun to explore predictive approaches for balancing PHS supply and demand, which points towards a promising trajectory for further innovation in this sector.…”

Section: Technological Advancements and Innovationsmentioning

confidence: 99%

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A Review of Pumped Hydro Storage Systems

Nikolaos,

Marios,

Dimitris

2023

Energies

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With the increasing global demand for sustainable energy sources and the intermittent nature of renewable energy generation, effective energy storage systems have become essential for grid stability and reliability. This paper presents a comprehensive review of pumped hydro storage (PHS) systems, a proven and mature technology that has garnered significant interest in recent years. The study covers the fundamental principles, design considerations, and various configurations of PHS systems, including open-loop, closed-loop, and hybrid designs. Furthermore, the review highlights the crucial role of PHS systems in integrating renewable energy sources, mitigating peak load demands, and enhancing grid stability. An in-depth analysis of current and emerging trends, technical challenges, environmental impacts, and cost-effectiveness is also provided to identify potential areas for future research and development. The paper concludes by offering a perspective on the challenges and opportunities that PHS systems present, underlining their potential to significantly contribute to a sustainable and reliable energy future.

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Section: Global Energy Policies and The Role Of Pumped Hydro Storagementioning

confidence: 99%

Section: Technological Advancements and Innovationsmentioning

confidence: 99%

A Review of Pumped Hydro Storage Systems

Nikolaos,

Marios,

Dimitris

2023

Energies

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“…One of the most advanced and proven energy storage techniques is pumped storage hydro (PSH), which represents about 99% of the world's grid‐scale storage capacities 3 . A large‐scale storage system such as pumped storage system can significantly impact the economics of electricity markets, especially in developing countries 4,5 . There have been extensive investigations conducted in earlier studies on how PV and PSH systems can work together in order to maximize their performance.…”

Section: Introductionmentioning

confidence: 99%

“…3 A large-scale storage system such as pumped storage system can significantly impact the economics of electricity markets, especially in developing countries. 4,5 There have been extensive investigations conducted in earlier studies on how PV and PSH systems can work together in order to maximize their performance.…”

Section: Introductionmentioning

confidence: 99%

Feasibility of integrated solar photovoltaic pico‐pumped storage self‐sustained system for multi‐storey building in India

Balachandran,

Ponnusamy

2024

Energy Storage

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This study explores the potential of utilizing a pico‐pumped storage system (PPSH) as an energy storage solution to enhance the integration of renewable energy sources in a multi‐story building. The study seeks to evaluate the system's ability to fulfil the energy requirements of a part of a multi‐storey building, considering factors such as cost‐effectiveness, longevity, and environmental impact. Basic relationships are used to model both floating solar PV systems and pumped storage systems in MATLAB. An algorithm based on linear programming is used to generate the optimal schedule, while a particle swarm optimization‐based algorithm is employed for the optimal design of the proposed system. In order to analyze the economic feasibility, the levelized cost of solar energy and the levelized cost of stored energy are estimated. An optimally sized floating solar PV integrated pico pumped storage system with an optimal operating strategy can perform technically. However, due to practical limitations, the system's dimensions cannot accommodate real‐world storage requirements. When levelized costs are considered, a pico‐pumped storage system becomes less appealing than battery storage systems, particularly if a new storage tank is to be constructed. Compared to battery storage systems, pumped storage systems have a lower energy density, which requires more space and height, especially in buildings. Pumped storage systems, on the other hand, have a longer lifespan and a lower environmental impact. Overall, the proposed system, along with an optimal scheduling algorithm, provides a long‐term solution for energy storage, aligning with the growing global emphasis on lowering carbon emissions and embracing renewable energy sources. Although there may be a high initial investment requirement and a restricted storage capacity, the sustained advantages of energy independence and a diminished carbon footprint render it an appealing option for environmentally conscious communities and green buildings.

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“…At the same time, with the gradual opening and improvement of the electricity market, different bidding strategies will bring different levels of risk, and the relationship between the balance of risk and its economic benefits should also be addressed. Li et al (2021) proposed a p-robust algorithm to calculate the risk caused by the uncertainty of electricity price on the revenue of pumped storage power plants, but it needs to sacrifice part of the profit while reducing the risk of pumped storage revenue. Luo et al (2021) considered the uncertainty of distributed energy sources and the role of energy storage devices on multiple time scales to optimize the operation of the electric grid.…”

Section: Introductionmentioning

confidence: 99%

Multi-time scale trading profit model of pumped storage power plant for electricity market

et al. 2022

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Pumped storage power plant (PSPP) has the upper hand on economy and cleanness. It also has the functions of frequency regulation, phase regulation, and spare, which have been instrumental in maintaining the stability of power system operation. But now the mechanism for PSPP to become involved in electricity market transactions in China is imperfect. How to properly establish a multi-time scale trading profit model and reasonably allocate the capacity of PSPP has been instrumental in realizing the economic operation of the power system. So, this article analyzes the mechanism for PSPP to become involved in electricity market trading by providing combined electricity supply services and ancillary services, and establishes an optimization model with respect to economic optimization. At the same time, considering the volatility of electricity prices in the spot market, the risk of PSPP becoming involved in electricity market trading is measured by conditional Value at Risk (CVaR) to achieve economic optimization while minimizing the risk. The case studies demonstrate that the proposed profit model can enhance the revenue and decrease the risk of PPSP.

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RETRACTED: Pumped hydro energy storage arbitrage in the day-ahead market in smart grid using stochastic p-robust optimization method

Cited by 18 publications

References 37 publications

A Review of Pumped Hydro Storage Systems

A Review of Pumped Hydro Storage Systems

Feasibility of integrated solar photovoltaic pico‐pumped storage self‐sustained system for multi‐storey building in India

Multi-time scale trading profit model of pumped storage power plant for electricity market

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