Short-term scheduling of a hybrid pumped storage-photovoltaic power complementary system considering market-oriented electricity prices

Hybrid pumped-storage systems offer critical grid flexibility for renewable integration, yet their profitability under electricity market uncertainties remains insufficiently explored. We propose an integrated decision-analytic framework addressing three key limitations in current research: (1) lack of data integration methods for immature electricity markets, resolved through spectral correlation analysis of multi-source price signals; (2) unidirectional risk assessment approaches ignoring two different states of hybrid pumped-storage stations, overcome by bidirectional CVaR modeling; (3) computational intractability in high-dimensional hydraulic-market optimization, addressed via an enhanced successive approximation dynamic programming algorithm. Applied to a study case in China, our analysis reveals: (1) adding a pumping station to the system provides the operator with more market leverage, magnifying both the system's revenue and its fluctuation; (2) beyond its arbitrage function, the pumping station enhances the flexibility of hydropower and reduces curtailment, although minor curtailment can push the station into an inefficient operating zone; and (3) as operators become more risk-averse, they adopt more conservative strategies, which reduces overall revenue but improves revenue stability.