Engineering
2 years ago

Maximizing social welfare: China's electricity market revolutionized with pumped storage optimization.

Journal of Physics Conference Series
Optimization Model of Electricity Spot Market Considering Pumped Storage in China
Lei Wang, Min Wei, Heng Yang, Jinxian Li, Sainan Li, Yunzhi Fei

Paper Summary

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The article discusses how pumped hydro storage in China can maximize social welfare by participating in the electricity spot market. The model proposed in the paper allows pumped storage units to adjust their operation in real-time, improving overall societal benefits.