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Stochastic self-scheduling of hydro units in joint energy and reserves markets

This paper addresses the self-scheduling problem of stochastic unit commitment status for hydro units before submitting the hourly bids for the next 24 hourly periods in a day-ahead joint energy and reserve markets. The proposed model is formulated as a stochastic optimization problem where expected profit is maximized using the Mixed-Integer Programming (MIP) technique. Price uncertainty is considered based on the price forecast error in the stochastic self-scheduling problem; roulette wheel mechanism is implemented to generate scenarios for each hour. Model consists of long-term bilateral contracts. The proposed model takes into account practical constraints of the hydro units, which includes head dependent reservoirs, multi head power-discharge characteristics of hydro units, cascaded reservoirs, etc. The effectiveness of the proposed model is shown on test system.