Revenue Structure Assessment of Pumped Storage Power Stations Participating in Electricity Markets
抽水蓄能电站参与电力市场的收益结构评估

摘要

随着电力市场化改革深化与新能源占比提升，抽水蓄能电站作为关键调峰调频资源，在电力市场中的作用日益凸显。本文构建抽水蓄能电站参与电力市场的多维度收益评估模型，研究其收益构成。采用净现值、内部收益率等方法，结合电力市场交易数据，分析电站在电能量、辅助服务、容量等市场中的收益，重点研究调峰、调频、备用及电能套利等收益来源。结果表明，抽水蓄能收益结构多元，辅助服务收益逐年上升，电能套利收益受电价波动影响显著。在现行电价水平下，仅依靠电能量市场难以回收投资，需健全辅助服务定价与容量补偿机制，提升整体收益。同时，各地电力市场发展水平与电价差异对收益结构影响较大。研究可为抽水蓄能电站投资、运营及电力市场建设提供参考，助力储能产业发展与新型电力系统构建。

Abstract

With the deepening of electricity market reforms and the increasing share of renewable energy generation, pumped storage power stations have become increasingly important as key resources for peak shaving and frequency regulation within power systems. This study develops a multidimensional revenue evaluation model for pumped storage power stations participating in electricity markets to analyze their revenue composition. Using methods such as net present value (NPV) and internal rate of return (IRR), and incorporating electricity market transaction data, the study examines the revenues obtained from energy markets, ancillary service markets, and capacity markets. Particular attention is given to revenue sources including peak shaving, frequency regulation, reserve services, and energy arbitrage. The results indicate that the revenue structure of pumped storage power stations is diversified, with ancillary service revenues showing a steady upward trend, while energy arbitrage revenues are significantly influenced by electricity price fluctuations. Under current electricity price levels, investment costs are difficult to recover solely through participation in the energy market; therefore, it is necessary to improve ancillary service pricing mechanisms and capacity compensation systems to enhance overall profitability. In addition, differences in the development level of regional electricity markets and variations in electricity prices have significant impacts on revenue structures. The findings provide a useful reference for the investment and operation of pumped storage power stations as well as for the development of electricity markets, contributing to the advancement of the energy storage industry and the construction of new-type power systems.