The Brazilian system is hydro dominated, with multiple reservoirs in cascade and multiple ownership of plants in the same basin. For several years, the system has been planned and operated in a pool basis, with centralized dispatch and mandatory contracts among utilities. With the ongoing restructuring of the Brazilian power sector, several new agents will have important roles, such as private thermal generation and interconnections with neighboring countries. This paper describes the methodologies and tools being developed to address new issues such as fuel contracts, representation of thermal plant outages and compensation for upstream reservirs in spot market. These tools are being implemented in a stochastic optimization framework which represents in detail hydro and thermal plant operation.
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