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access icon free Stochastic self-scheduling of generation companies in day-ahead multi-auction electricity markets considering uncertainty of units and electricity market prices

© The Institution of Engineering and Technology
Received 12/12/2012, Accepted 04/03/2013, Revised 20/02/2013, Published

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.

Inspec keywords: power generation scheduling; power markets; pricing; power generation economics

Other keywords: stochastic self-scheduling model; IEEE 118-bus test system; stochastic model; predicted market price uncertainty; reserves auction; generating unit forced outages; electricity market prices; GENCO; energy auction; day-ahead multiauction electricity markets; unit uncertainty; conditional value-at-risk index; generation companies

Subjects: Power system management, operation and economics

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