Optimization of wellfield operation in a variable power price regime

The idea behind the project is to see how one can couple the highly variable power prices of the Danish electricity-market with a model of wellfield operations to minimize the cost of pumping groundwater into storage. From the stochastic price regime, it is possible to use Stochastic Dynamic Programming (SDP) to create a set of decision rules which determine whether it would be economically beneficial to pump or not, depending on the time of the day, the amount of water in storage and the price level. This is as an alternative to present practice of constant pumping.