Multi-Objective Optimal Long-Term Operation of Cascade Hydropower for Multi-Market Portfolio and Energy Stored at End of Year

Taking into account both market benefits and power grid demand is one of the main challenges for cascade hydropower stations trading on electricity markets secluding operation plan. This study develops a multi-objective optimal model long-term in different markets. Two objectives were formulated economics carryover energy storage. One was to maximize utility value based portfolio theory, which conditional at risk (CVaR) applied measure multi-markets. Another maximization storage end year. The solved efficiently through particle swarm optimization (MOPSO). Under framework MOPSO, chaotic mutation search mechanism elite individual retention introduced diversify accelerate non-inferior solution sets. Lastly, dynamic updating archives established collect solution. proposed implemented plants Lancang River, traded Yunnan Electricity Market (YEM). results demonstrated sets wet, normal dry years. A comparison revealed an imbalanced mutual restriction between objectives, such that 2.65 billion CNY increase costs 13.96 kWh decrease In addition, provided various schemes actual demands other evaluating indexes as minimum output, generation spillage.