LAUSR

This study presents a two-stage stochastic linear programming (LP) model to calculate the water value in an isolated hybrid diesel/wind/pumped-storage power system with high wind power penetration and with a closed-loop pumped-storage power plant (i.e. there is no natural inflows in the upper pond), that takes into account in an approximate manner that the start-up cost of the diesel units depends on the time passed since the previous shut-down. The proposed model is applied in the power system of El Hierro island in the Canary Archipelago. The water values provided by the proposed model have been used as input for the day-ahead generation scheduling. The results obtained in the study indicate that the day-ahead generation schedule obtained when using the water values provided by the proposed model is similar to the one obtained when using the water values provided by a detailed mixed integer LP (MILP) model. The computational time required to obtain the water value with the proposed model is several orders of magnitude lower than the one needed to solve the MILP model.