Stochastic self‐scheduling of generation companies in day‐ahead multi‐auction electricity markets considering uncertainty of units and electricity market prices. Issue 7 (1st July 2013)

• Record Type: Journal Article
• Authors: Vatani, Behdad; Amjady, Nima; Zareipour, Hamidreza
• Is Part Of: IET generation, transmission & distribution. Volume 7:Issue 7(2013)
• Page Start: 735
• Page End: 744
• Publication Date: 2013-07-01
• Subjects: power generation economics -- power generation scheduling -- power markets -- pricing; generation companies -- day‐ahead multiauction electricity markets -- unit uncertainty -- electricity market prices -- stochastic self‐scheduling model -- GENCO -- energy auction -- reserves auction -- stochastic model -- predicted market price uncertainty -- generating unit forced outages -- conditional value‐at‐risk index -- IEEE 118‐bus test system; Electric power production -- Periodicals; Electric power transmission -- Periodicals; Electric power distribution -- Periodicals; 621.3105
• DOI: 10.1049/iet-gtd.2012.0729
• Languages: English
• ISSNs: 1751-8687

Abstract

Abstract : This study presents a new stochastic self‐scheduling model for generation companies (GENCOs) in day‐ahead electricity markets including energy and reserves auctions. The proposed stochastic model takes into account both the uncertainty of predicted market prices and forced outages of generating units. Also, financial risk of GENCOs is formulated through well‐known conditional value‐at‐risk index. The proposed self‐scheduling model is tested on the IEEE 118‐bus test system and the obtained results are discussed.