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This work presents a discussion about the optimal level of energy contracting of the Hydroelectric Generators participants of the Energy Reallocation Mechanism, (MRE Mecanismo de Realocacao de Energia), considering the influence of Short Term Operating Procedures (POCP Procedimentos Operativos de Curto Prazo). The POCP is a set of procedures performed by the National System Operator (ONS Operador Nacional do Sistema) to provide more security in the Interconnected System, being carried out from April to November, during the Monthly Programme Operation (PMO Programa Mensal de Operacao). Hydro plants are subject to exposure in short-term market due to the centralized dispatch adopted in Brazil, which depends on the amount of water that flows to the reservoir and on the subsequent dispatch of plants determined by the ONS. The exposure in short-term market, arises from the difference between the Generator sales contracts and the amount of assured energy (GF Garantia Fisica) monthly allocated after the MRE. As the POCP is not incorporated into the dispatch models of the electricity sector, an alternative simulation was built and, from its results, we can notice the interference of the mechanism displayed in the short-term market and in the incurred risk level. The application of the POCP brings a net reduction in hydropower generation, because it decreases the possibility of using the regularization capacity of the reservoirs, avoiding any risk of non recovery of the reservoirs during the rainy season. On the other hand, the conservative procedure used today can generate a much larger volume of spilling water during the wet season, limiting the chance of financial recovery of hydroelectric dams that had their generation reduced in the dry season due to the anticipated dispatch of thermoelectric plants, inevitably with repercussions represented by exposure to the PLD (SPOT). Considering all risk factors mentioned, the generating agents have to adjust their optimal strategy for contract level, retaining the objective function to maximize revenue, conditional to risk criteria, which consider the factors mentioned. From this perspective, we analyzed the application of the POCP in 2010 and its impacts, as well as simulated the expected revenue and the future risk with and without the application of this procedure. The results show how the POCP interferes in the expected revenue of the agents, adding greater risks and changing the optimal level of energy contracting. Thus, depending on the risk that each generating agent is willing to take, a review of their contracting level becomes imperative.

Estratégia de contratação ótima de geradores hidroelétricos considerando os impactos dos procedimentos operativos de curto prazo.