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In this study, an optimization problem is proposed in order to obtain themaximum economic benefit from wind farms with variable and intermittent energygeneration in the day ahead and balancing electricity markets. This method,which is based on the use of pumped-hydro energy storage unit and wind farmtogether, increases the profit from the power plant by taking advantage of theprice changes in the markets and at the same time supports the power system bysupplying a portion of the peak load demand in the system to which the plant isconnected. With the objective of examining the effectiveness of the proposedmethod, detailed simulation studies are carried out by making use of actualwind and price data, and the results are compared to those obtained for thevarious cases in which the storage unit is not available and/or the proposedprice-based energy management method is not applied. As a consequence, it isdemonstrated that the pumped-hydro energy storage units are the storage systemscapable of being used effectively for high-power levels and that the proposedoptimization problem is quite successful in the cost-effective implementationof these systems.

A Profit Optimization Approach Based on the Use of Pumped-Hydro Energy Storage Unit and Dynamic Pricing