Mid-Term Stochastic Scheduling of a Price-Maker Hydro Producer With Pumped Storage

A yearly stochastic self-scheduling model for a price-maker hydro producer is presented. In the short term, the producer aims at maximizing profits in the day-ahead market. Residual demand curves model the producer's interaction with his competitors and the load demand. A modification of the residual demand curve is proposed to enable the definition of optimal pumped-hydro bids. Multistage stochas...