Optimization Scheduling of Hydro-Wind-Solar Power in Electricity Spot Market considering VRE Output and Electricity Price Uncertainties

As variable renewable energy (VRE) sources like wind and solar increasingly enter the electricity spot market, they face challenges due to their unpredictable, fluctuating output, which weakens their market competitiveness. Additionally, the volatility of day-ahead electricity prices adds complexity to VRE market participation. Hydropower, with its flexibility, is often utilized to balance VRE output. In order to address the problems posed by the uncertainty of VRE’s output and day-ahead clearing tariffs for VRE’s participation in the electricity spot market, this study proposes an optimal scheduling model for a joint Hydro-Wind-Solar spot market. The model generates scenario sets for VRE output and tariffs using the Monte Carlo method, which are then reduced via K-means clustering. An optimal dispatch model is developed based on the reduced scenarios, aiming to maximize expected market returns. The model is solved using the Gurobi optimization solver, and its effectiveness is demonstrated using data from a hydropower plant, wind farm, and solar farm in southwest China.