Distributionally robust economic scheduling of a hybrid hydro/solar/pumped-storage system considering the bilateral contract flexible decomposition and day-ahead market bidding

Abstract

A hybrid renewable energy system (HRES) utilizes the coaction of diverse energy to enhance energy efficiency while improving economic benefit. Under the paradigm of the electricity market, the HRES decomposes bilateral contract (BC) signed in the medium to long-term market and bids in the spot market are a promising way to get more revenue while ensuring basic profits by exploiting the synergy of different markets. However, the scheme of BC decomposition and the uncertainties of renewable energy affect the revenue of HRES scheduling. This paper proposes an optimal scheduling model for HRES to perform the BC flexible decomposition while bidding in the day-ahead energy market to maximize total revenue. The HRES is a real system located in Southwest China, and its constituent units are a pumped storage, two hydropower, and two solar stations. The Wasserstein metric ambiguity set is adopted to portray the uncertainty of available solar power and the forecasted market price error. Then, the proposed model is formulated as a distributionally robust chance-constrained scheduling model. Finally, the conditional value-at-risk approximation and strong duality are employed to reformulate this model into a tractable problem. The numerical results show that the proposed model can increase the total profit of HRES by 2.26 % (i.e., 2.56 × 104 DKK) compared to the case of fixed BC decomposition and bidding. Moreover, the impact analysis related to the ambiguity set and risk tolerance of uncertainty on total revenue of the proposed model is also presented, which provides the measure for the HRES to trade-off the robustness and economy of the solution.