A decision support system for hydro power plants in markets for energy and ancillary services

Abstract

This paper analyses solutions for optimal bidding for hydro units operating in simultaneous markets for energy and ancillary services and decision making process for plant refurbishment and generating capacity upgrade. Methodology based on the Decision Theory will be applied to identify the optimal solutions which minimize the expected costs and the related risks. The proposed methodology will be demonstrated for a real hydropower plant in Croatia (Varazdin HPP) which will be refurbished.