An Optimal Operation Strategy of Pumped Storage Plants for Maximizing the Benefits from Price Differences in Spot Market

Making use of the price differences in electricity prices in the spot market to generate profits is an important way to improve the operational efficiency of pumped storage power plants. This paper establishes an optimal operation model for pumped storage plants participating in the spot market aimed at maximizing the benefits from time-varied prices. Based on the predicted electricity spot market prices, the model considers the constraints of power limits, upper reservoir capacity, start-stop times, and reserve capacity of pumped storage plants. A specific solving algorithm is used to obtain the output curve of the units, and the method proposed in this paper is validated through actual examples. The result indicates that the optimization model proposed in this paper is helpful in formulating output power curves for pumped storage power plants to achieve system regulation and obtain profits, but the actual benefits are affected by factors such as electricity price differences.