Revenue Optimization Modeling of Two-way Bidding for Pumped Storage Power Plants under Electricity Spot Markets

Accelerating the development of pumped storage is an urgent need to build a new type of power system. This paper firstly investigates the double identity characteristics of pumped storage power stations based on their power purchase and power sales subjects, and secondly researches the joint optimisation two-way bidding strategy model of pumped storage power stations participating in the electric energy market and auxiliary service market, including the optimisation objective function and various types of constraints, and then obtains the optimal bidding strategy of the power station under the consideration of the risk factors based on the optimisation model of the bidding strategy proposed in this paper. Finally, a pumped storage power station in Shanxi province is selected as the research object for example analysis, compared with the traditional strategy in the revenue fluctuation is reduced by 9.1%. 11 scenarios under the risk avoidance benefit sum of 34.6 million yuan, showing that the bidding strategy can effectively reduce the power plant revenue fluctuations, avoid the risk of electricity price fluctuations.