Optimization of the variable speed pump storage participation in frequency restoration reserve market

Several countries have a significant installed capacity of large-scale reversible hydro power plants. This large-scale storage technology comes with high investments costs, hence the constant search for methods to increase and diversify the sources of revenue. Traditional fixed speed pump storage units typically operate in the day-ahead market to perform price arbitrage and, in specific cases, provide downward replacement reserve (RR). Variable speed pump storage can not only participate in RR but also contribute to frequency restoration reserve (FRR), given their ability to control its operating point in pumping mode. This work proposes a strategy to manage the water resource and maximize the power plant revenue by participating in the day-ahead market but also providing ancillary services. Moreover, a model to correctly allocate the water resource throughout the year is presented, as well as an evaluation module to calculate the real revenue of the system.