Resumen
We propose a model for medium-term hydropower scheduling (MTHS) with variable head and uncertainty in inflow, reserve capacity, and energy price. With an increase of intermittent energy sources in the generation mix, it is expected that a flexible hydropower producer can obtain added profits by participating in markets other than just the energy market. To capture this added potential, the hydropower system should be modeled with a higher level of detail. In this context, we apply an algorithm based on stochastic dual dynamic programming (SDDP) to solve the nonconvex MTHS problem and show that the use of strengthened Benders (SB) cuts to represent the expected future profit (EFP) function provides accurate scheduling results for slightly nonconvex problems. A method to visualize the EFP function in a dynamic programming setting is provided, serving as a useful tool for a priori inspection of the EFP shape and its nonconvexity.