Bidding Strategy of Pumped Storage Power Plants Considering Seasonal Characteristics in Integrated Electricity Spot Markets

YAN Lu, YANG Ping, GUO Hongxia, CHEN Qu, LIN Yuxuan, LIU Genrao

Electric Power Construction ›› 2026, Vol. 47 ›› Issue (11) : 160-171.

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PDF(4749 KB)
Electric Power Construction ›› 2026, Vol. 47 ›› Issue (11) : 160-171. DOI: 10.12204/j.issn.1000-7229.2026.11.012
Power Economics

Bidding Strategy of Pumped Storage Power Plants Considering Seasonal Characteristics in Integrated Electricity Spot Markets

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Abstract

[Objective] The large-scale integration of high-proportion renewable energy into power systems has intensified seasonal variations in system net load. The joint clearing mechanism of the electricity spot energy market and ancillary service market further exacerbates market uncertainty, imposing substantial tail risks on the bidding decision-making of pumped storage power plants. To address this issue, this paper proposes a bidding framework for pumped storage power plants that adapts to multi-seasonal operational scenarios and fully considers market risk constraints. [Methods] First, three typical seasonal scenarios, including the spring-autumn transition season, summer, and winter, are classified based on the evolutionary characteristics of system net load. Second, a novel seasonal joint strategy index is constructed by integrating the arbitrage space characterized by the net load peak-valley difference and the tail risk characteristics of operational revenue. A 15-minute resolution bi-level bidding model is established for pumped storage power plants participating in the integrated spot market. The lower-level model replicates the joint clearing process of the electricity spot market, while the upper-level model embeds the proposed seasonal joint strategy index into the profit function and constraint system, so as to characterize the differentiated bidding behaviors of power plants under diverse seasonal scenarios. [Results] The proposed method can adaptively optimize the capacity allocation between the energy market and ancillary service market according to seasonal net load profiles and dynamic tail risks, effectively improving the tail profit level of pumped storage power plants. Moreover, the derived risk-return frontier enables adjustable bidding strategies to accommodate the diverse risk preferences of market participants. [Conclusions] The incorporation of the seasonal joint strategy index and the corresponding constraint response mechanism in the developed model provides robust technical support for the optimal bidding of pumped storage power plants in the complex integrated electricity spot market.

Key words

pumped storage power plant / integrated electricity spot market / seasonal net load / seasonal joint strategy index / bi-level bidding model

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YAN Lu , YANG Ping , GUO Hongxia , et al . Bidding Strategy of Pumped Storage Power Plants Considering Seasonal Characteristics in Integrated Electricity Spot Markets[J]. Electric Power Construction. 2026, 47(11): 160-171 https://doi.org/10.12204/j.issn.1000-7229.2026.11.012

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With the continuous development and improvement of Chinese electricity market, pumped storage power plants will face complex price mechanisms and transaction risks when participating in the electricity spot market. In order to protect the revenue of pumped storage power station, an optimization model of pumped storage bidding strategy considering the risks of the electricity spot market is proposed. Firstly, the price mechanism and transaction risk of pumped storage in electricity market are studied. Secondly, based on the conditional risk value, the risk of participating in the electricity spot market is quantified, and the risk-return matching mechanism is established. Based on electricity price prediction clustering to generate typical electricity price scenarios, a bidding strategy for pumped storage power stations to participate in spot-auxiliary service collaborative market considering risk factors is proposed. Finally, the influence of different risk preference levels and electricity price scenarios on the revenue of pumped storage power station is analyzed with examples. The results of the example show that the bidding strategy can stabilize the income fluctuation in different market scenarios and effectively avoid the risk of market price fluctuation. It can provide decision support for the pumped storage power station to participate in the bidding and capacity allocation strategy of the electric energy and auxiliary service market, and make the power station income more stable.

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以风光水为代表的可再生能源电源会增加电力系统的不确定性.为了保证高比例可再生能源电力系统的灵活运行,提出一种典型运行场景电力系统灵活性评估方法.利用改进的K-means算法,将新能源和负荷的运行场景进行聚类组合得到典型运行场景.从区域内供需平衡、区域内潮流分布和区域间输电能力3个角度提出灵活性评估指标;计算每种典型场景的灵活性评估指标,并根据每种场景的出现概率计算得到综合评估指标以评估系统的整体灵活性.最后,基于南方某地区实际新能源和负荷历史数据在改进的IEEE 39节点系统上进行电力系统灵活性评估.结果表明,该聚类方法和灵活性指标可以有效反映电力系统的灵活性.
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Footnotes

利益冲突声明(Conflict of Interests): 所有作者声明不存在利益冲突。

作者贡献声明(Authors' Contributions): 颜璐提出了考虑季节性的抽水蓄能电站竞价策略的整体框架,设计了详细的研究方案,建立了双层竞价模型,并完成了仿真模型的搭建与验证工作;杨苹负责论文的整体指导工作,包括研究思路的规划与设计、技术路线的制定及研究实施过程的把控;郭红霞负责论文的整体指导工作,包括研究方案的优化、可行性论证以及研究实施过程的把控;陈渠负责仿真模型的搭建工作,设计了多组对比实验,并对实验结果进行了深入分析;林雨轩承担了文献调研与整理工作,负责所需数据的收集、清洗与分析;刘根饶参与了论文的撰写、修改与完善,并负责论文最终版本的审核与校对。所有作者均阅读并同意了论文终稿内容。

Funding

National Key R&D Program of China(2023YFB4203100)
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