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In this paper, a novel modeling framework is proposed, the multi-horizon modeling approach. This approach allows a very detailed and transparent modeling of many problems in hydro power planning by simultaneously being computationally very efficient. The model is applied to a complex pumped storage hydro power plant in a liberalized market environment in order to give decision support for the self-scheduling of it. The modeling framework is compared to three alternative state-of-the-artdoi:10.1016/j.egypro.2015.12.351 fatcat:2jdbu6urufhbdfudyda2auc7fy