This paper describes a method for optimal scheduling of hydropower systems profit maximizing, price-taking, and risk neutral producer selling energy, capacity to separate sequentially cleared markets. The is based on combination stochastic dynamic programming (SDP) dual (SDDP), treats inflow reservoirs prices energy as variables. proposed applied in case study Norwegian watercourse, quantifying the expected changes schedules, water values when going from an energy-only market joint treatment reserve

The network for transport of natural gas on the Norwegian Continental Shelf, with 7,800 km subsea pipelines, is world's largest offshore pipeline network. flowing through this represents approximately 15 percent European consumption, and system has a capacity 120 billion standard cubic meters (bcm) year. In interconnected effects are prevalent, must be analyzed as whole to determine optimal operation. SINTEF developed decision support tool, GassOpt, which based mixed-integer program,...

Maintenance scheduling is an important and complex task in hydropower systems. In a liberalized market, the generation company will schedule maintenance periods to maximize expected profit. This paper describes method for suitable profit maximizing, price-taking, risk neutral producer selling energy reserve capacity separate markets. The uses Benders decomposition principle coordinate timing of power plant with medium-term system, treating inflow reservoirs prices as stochastic variables....

This paper proposes a novel bidirectional linkage between long-term energy system model and an operational power market model. combined modelling framework provides investment strategies that explicitly consider the complexity of sector. The is demonstrated using Norway European with specific high detail level hydropower operation. For Norway, its hydropower-dominated electricity sector, designed to improve generation external markets in model, provide consistent assumptions concerning...

Natural gas is one of the fastest growing energy sources in world and, due to liquefaction natural gas, markets are becoming global and involve moving liquefied over large distances by vessel. We present an optimization model that provides decision support for supply chain coordinating vessel routing, inventory management (upstream, onboard downstream), trading contract obligations. The maximizes profit utilizing different contracts, seasonal variations pricing, price differences between...

The authors analyse the operational profitability of a hydropower system selling both energy and reserve capacity in competitive market setting. A mathematical model based on stochastic dynamic programming is used to compute water values for considering different power plant configurations. uncertainties inflow prices are considered through discrete Markov chain. Subsequently, operation simulated obtained assess performance expected revenues from two markets. applied case study Norwegian...

We present a modeling framework for analyzing if the use of interruptible transportation services can improve capacity utilization in natural gas network. The network consists two decision makers: transmission system operator (TSO) and shipper gas. TSO is responsible routing allocates to ensure that security supply within given bounds. offer different types services: firm interruptible. Only have measure, while freely be interrupted whenever available not sufficiently large. apply our on...

Conventional energy production based on fossil fuels causes emissions that contribute to global warming. Accurate system models are required for a cost-optimal transition zero-emission system, which is an endeavor requires methodical modeling of cost reductions due technological learning effects. In this review, we summarize common methodologies and associated via curves. This followed by literature survey uncover rates relevant low-carbon technologies model future systems. The focus (i)...

We present an analysis of the optimal development natural gas infrastructure in Europe based on scenario studies Holz and von Hirschhausen (2013). use a stochastic mixed integer quadratic model to analyze impact uncertainty about future consumption investments pipelines. Our data is results from PRIMES demand technology scenarios discussed Knopf et al. comparison between expected value model, as well individual scenarios. also performed sensitivity analyses probabilities Comparison those...

We present a stochastic mixed-integer model for the optimization of joint trade in day-ahead and balancing markets. The takes perspective risk-neutral price-taking hydropower producer one-day planning horizon. is used to study value trading both markets as opposed trades only. In particular we how this affected by flexibility production system. results indicates small added from market participation which increasing increases.

We present an optimization model for analysis of system development natural gas fields, processing and transport infrastructure. In this paper we our experience from performing analyses the industry with model. also a extension in form continuous investment decisions. This allows capacity pipelines, facilities compressors to be determined within given range by give partial description along case example that demonstrates importance using decisions when considering design systems.

We present a new model to support strategic planning by actors in the liquefied natural gas market. The takes an integrated portfolio perspective and addresses uncertainty future prices. Decision variables include investments disinvestments infrastructure vessels, chartering of timing contracts, spot market trades. accounts for various contract types it losses. underlying mathematical is multistage stochastic mixed-integer linear problem. Industry-motivated numerical cases are discussed as...

This paper describes a model for optimal scheduling of hydroelectric systems price-taking producer selling energy and capacity to separate markets. The is based on combination stochastic dynamic programming (SDP) dual (SDDP), treats inflow reservoirs prices as variables. It allows sales at deterministic sequence reserve prices. Thus, the co-optimized within SDDP framework. presented tested Norwegian watercourse where sells day-ahead market primary When adding possibility sell in model,...

We study a hydropower producer’s potential for value-creation from multi-market trading given the price variations in markets and flexibility provided through access to hydro reservoirs. use perfect foresight optimization model price-taking producer co-optimizing his trades day-ahead, intra-day balancing markets. The is used on real market data Norway, Sweden Germany. shows theoretical added value when selling energy multiple relative optimal day-ahead sale. Most of this achievable also...

The production scheduling of a hydro power producer exposed to the day-ahead, balancing and capacity market is examined find what profit may achieve by strategically bid in above mentioned markets. Optimizing bidding multiple markets expected be increasingly important coming years as share renewable energy system grows. A multi-stage, multi-scenario, short-term deterministic prototype model undertakes this task. assumed price taker risk neutral. results optimization have shown that...

We present a hydropower scheduling model for coordinated trade in the day-ahead and balancing market with alternative ways to represent generator start/stop decisions. A case study on branch of Norwegian water course is conducted, analysis going two directions: how does feature influence added value as opposed trading only, well do modeling versions perform without trade. The results indicate that small, relatively insensitive choice modeling. linear approximation gives good expected profit,...

Selecting portfolios of electricity production assets, energy sources and market participation strategies facilitates usage management complementary resources. It helps also power producers to address uncertainties balance profit contributions, costs risks. Therefore, should be composed wisely. Our paper will bring concepts portfolio optimization closer private producers. We highlight important aspects considered outline key value drivers. However, we call for critical thinking if physical...

Traditionally, electricity markets have been designed with the intention of disabling producer side market power or prohibiting exercising it. Nonetheless it can be assumed that players participating in pool and aiming to maximize their individual benefits might depart from optimum terms total system welfare. To recognize analyze such behavior, operators a wide range methods available. In here presented paper, one those - deriving supply function equilibrium is used nested traditional...