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Maximizing Gross Margin of a Pumped Storage Hydroelectric Facility Under Uncertainty in Price and Water Inflow

Ikudo, Akina
http://rave.ohiolink.edu/etdc/view?acc_num=osu1243970453

Abstract Details

2009, Master of Science, Ohio State University, Industrial and Systems Engineering.
The operation of a pumped storage hydroelectric facility is subject to uncertainty. This is especially true in today’s energy markets. Published models to achieve optimal operation incorporate mechanical details of generating and pumping units, but are deterministic. The purpose of this study is to establish a model that considers uncertainty in the market price of electricity and the water inflow rate from river streams to the reservoirs. Due to the nature of the stochastic problems, a dynamic programming approach is taken. The model balances the amount of water used in the current stage and the amount of water saved for the future stages in order to maximize the total gross margin. The meta-models are constructed to evaluate the amount of water used and pumped in the current stage, and the gross margin for different schedules. The uncertainty in the market price of electricity is handled by solving for different price scenarios and estimating the meta-model error. The amount of available water for the future stages is not perfectly predictable either, as the water inflow rate to the reservoirs is subject to uncertainty. For our model, the transition in water inflow rate is simulated by a Markov process. The resulting schedule turned out to be more conservative compared to the deterministic counterpart.
Clark A. Mount-Campbell, PhD (Advisor)
Brevick Jerald, PhD (Committee Chair)
39 p.
Operations Research
hydroelectric; gross margin; pumped storage; price uncertainty; dynamic programming

Recommended Citations

Citations

  • Ikudo, A. (2009). Maximizing Gross Margin of a Pumped Storage Hydroelectric Facility Under Uncertainty in Price and Water Inflow [Master's thesis, Ohio State University]. OhioLINK Electronic Theses and Dissertations Center. http://rave.ohiolink.edu/etdc/view?acc_num=osu1243970453

    APA Style (7th edition)

  • Ikudo, Akina. Maximizing Gross Margin of a Pumped Storage Hydroelectric Facility Under Uncertainty in Price and Water Inflow. 2009. Ohio State University, Master's thesis. OhioLINK Electronic Theses and Dissertations Center, http://rave.ohiolink.edu/etdc/view?acc_num=osu1243970453.

    MLA Style (8th edition)

  • Ikudo, Akina. "Maximizing Gross Margin of a Pumped Storage Hydroelectric Facility Under Uncertainty in Price and Water Inflow." Master's thesis, Ohio State University, 2009. http://rave.ohiolink.edu/etdc/view?acc_num=osu1243970453

    Chicago Manual of Style (17th edition)

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© 2009, all rights reserved.
This open access ETD is published by The Ohio State University and OhioLINK.