Portfolio Bidding Theory Of Cascade Hydropower Stations In The Regional Electricity Markets And It's Applications

Water resources are rich in the western regions of China,with the development of the rolling cascade hydropower stations, hydropower installed capacity has been increased every year and the optimal allocation of hydroelectric energy becomes growing importance. The gradual development of regional electricity markets (REM) and the favorable policies"West power to the east, north and south connections"have forced cascade hydropower stations to participate in REM; the on grid bidding problems become increasingly emergence. Many experts and scholars have studied bidding strategies of cascade hydropower stations in-depth and have involved in effective transaction ways and biding method of cascade hydropower stations and made many achievements. However, the interactions of conflicts and constraints in the game goals of cascade hydropower stations with purchase side make the description of the model complicated and extremely difficult to solve, no satisfactory theory can be applied to bidding strategies. The urgent task needs to further explore the development of new theories and methods of bidding strategies technology. Research on cascade hydropower stations in the electricity market portfolio competition mechanism to explain the complex phenomenon of inter-regional on grid portfolio bidding process and reveal its response to the effectiveness of interaction explore the regional power market equilibrium and no arbitrage environment for the purchase of electricity under the cascade hydropower stations with a single buyer's economic operation of the win-win game strategy, the establishment of regional contracts and the spot market within the market arbitrage portfolio bidding model, and study their mathematic foundations, which developing the new theory of portfolio bidding decisions of cascade hydropower stations in the inter-regional electricity market, thereby solving the main scientific problems of on grid biddings with different regional competitive electricity market rules. Three gorges hydropower station is successfully applied on the day-ahead bidding practice of REM, game strategy for the basin cascade hydropower station management and operation of a scientific basis for decision-making. The main research work and innovation results are as follows:Market mechanisms, especially the kernel price mechanism in the allocation of resources plays a fundamental role. Through analysis the development trend of China's REM and research results. Cascade hydropower stations and other participants are making bidding strategies based on price adjustments of production and consumption. Real-time power exchanges offer the process of supply and demand balance; Based on the phenomenon of different electricity prices on each province in the REM, this paper propose a method of no-arbitrage theory to analysis the equilibrium prices of REM in the first time and establish a no-arbitrage mathematic model of the REM and obtain the no-arbitrage equilibrium price, cascade hydropower stations in bidding to prevent and control market risks in a overall guiding role.According to the correlations of spot price and contract price, problems of power allocation between spot markert and contract market have been strudied in depth of theories and applications. In the initial decisions, for the problem of arbitrage behaviors.of the price difference between the two markets, this paper proposes a method by using probability to measure different levels between contract price and spot price, analysis the arbitrage behavior rules and evolution process in the two electricity markets and establishs an portfolio strategies of power transactions in the two electricity market based on arbitrage pricing theory (APT), which goal is maximization the Sharp ratio to obtain optimal combination of trading strategies, risk reduction, access to more of the expected profit.As the cascade hydropower stations can choose one bidding strategies method in the spot market, in the face of the potential risk of failure, this win-win bidding cooperation decision which being established between cascade hydropower stations and a single buyer is particularly important to avoid the risk of bidding process; The characteristics of each kind of bidding approaches, which are generating units bidings, cascade station bidings and separated stations biddings in the spot market, are detailed analysis. On the premise of participants with rational strategies that the establishment of dynamic equilibrium model with cooperation games between the two sides and design both attractive bargaining procedures for cascade station with the purchase to study a win-win strategy for the competitive side to avoid risks.In view of the cascade hydropower stations on how to adapt the system of cross-regional market offers different ways and contradictions between market operations and bidding rules. Different rules for the operation of the regional market through further detailed study and discuss the general method of inter-regional electricity market competitive. According to the regional electricity at different times of the specific changes, the establishment of competitive cross-portfolio model plays an important role for strengthing the uses of hydroelectric energy, and increasing the efficiency of power generation.A time-of-use (TOU) electricity price based day-ahead optimized mathematical model and algorithm for three gorges cascade stations is proposed. Achieving the optimal schedules of three gorges cascade hydropower stations at different load hours including peak and valley load hours Simulation results show that the schedules determined by the proposed model are reasonable and feasible and evident economic effect can be obtained. Comparing the power output processes of three gorges cascade hydropower stations in day-ahead electricity market under fixed electricity price mode with those under TOU mode, the gained conclusion is that the TOU model, by which the outputs of cascade hydropower stations become more reliable and the water resources can be comprehensively utilized, has good practical value...