Research on Operation Strategy Optimization of Pumped Storage Power Station Based on CvaR Risk Quantification

With the continuous development and improvement of China’s electricity market, pumped storage power stations participating in the electricity spot market will face complex price mechanisms and transaction risks. In order to protect the benefits of pumped storage power stations, this paper first studies the pumped storage price mechanism and transaction risks in the electricity market. 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 the electricity price prediction clustering, the typical electricity price scenario is generated, and the operation strategy optimization model supporting the pumped storage power station to participate in the improvement of the electricity spot market is constructed. Finally, the influence of different risk preference levels and electricity price scenarios on the income of pumped storage power stations is analyzed with an example. The results of the example show that the operation 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.