Pumped-storage power plants represent a power source endowed with substantial capacity and the agility for flexible regulation, which is of paramount importance in the construction of novel electric power systems. The objective of this paper is to investigate operation optimization strategies for pumped-storage power plants within the environments of spot electricity markets and ancillary service markets, for the purpose of devising efficacious dispatching plans for these stations. Upon this foundation, the economic benefits of such dispatch plans are further quantified, offering support for the continued rational enhancement of operational strategies for pumped-storage power plants and underpinning sustainable operations. Case study simulations demonstrate that the peak-to-valley ratio of market electricity prices significantly influences the operational strategy of the power plants. Ample peak-to-valley arbitrage opportunities are conducive to augmenting the income potential of the plants in the ancillary service market and concurrently bolstering the plant's capacity to withstand market risks as an autonomous market participant.
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Zhang et al. (2024) studied this question.
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