Security-constrained optimal generation scheduling for GENCOs
Document Type
Article
Publication Date
8-2004
Publisher
IEEE
Abstract
This paper presents an approach for maximizing a GENCO's profit in a constrained power market. The proposed approach considers the Interior Point Method (IPM) and Benders decomposition for solving the security-constrained optimal generation scheduling (SC-GS) problem. The master problem represents the economic dispatch problem for a GENCO which intends to optimize its profit. The formulation of the master problem does not bear any transmission network constraints. The subproblem will be used by the same GENCO to check the viability of its proposed bidding strategy in the presence of transmission network constraints. In this case if the subproblem does not yield a certain level of financial return for the GENCO or if the subproblem results in an infeasible solution of the GENCO's proposed bidding strategy, the GENCO will modify its proposed solution according to the Benders cuts that stem out of the subproblem. The study shows a more flexible scheduling paradigm for a GENCO in a competitive arena. The proposed approach proves practical for modeling the impact of transmission congestion on a GENCO's expected profit in a competitive environment.
Recommended Citation
Yamin, H., Al-Agtash, S., & Shahidehpour, M. (2004). Security-constrained optimal generation scheduling for GENCOs. IEEE Transactions on Power Systems, 19(3), 1365–1372. https://doi.org/10.1109/TPWRS.2004.831301
