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On the Optimal Coordinated Hydropower Bidding Strategy in Day-Ahead Energy and Manual Frequency Restoration Reserve Markets

Hydropower plants (HPs) is an important source of flexibility in the electricity market and need operation and planning strategies to participate in various market setups. Due to lacking enough bids in the balancing market, manual frequency restoration reserve (mFRR) capacity market is going to be announced in the near future in Nordic electricity market. This paper develops a two-stage stochastic optimization framework that maximizes the revenue of the HP owners participating in mFRR capacity market beside their bidding in day-ahead and mFRR energy market. The impact of various mFRR capacity and future electricity prices have been considered. Furthermore, we show the influence of active time of mFFR energy bids on the revenue obtained from different markets. The results show a moderate increase in total revenue when participating in mFRR capacity market and considerable impacts from variable active time on the revenue obtained from each market setups.