Medium-term generation programming in competitive environments: a new optimisation approach for market equilibrium computing

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© IEE
Published 30/07/2012

Abstract

The paper proposes a model to represent medium-term hydro-thermal operation of electrical power systems in deregulated frameworks. The model objective is to compute the oligopolistic market equilibrium point in which each utility maximises its profit, based on other firms' behaviour. This problem in not an optimisation one. The main contribution of the paper is to demonstrate that, nevertheless, under some reasonable assumptions, it can be formulated as an equivalent minimisation problem. A computer program has been coded by using the proposed approach. It is used to compute the market equilibrium of a real-size system.

Inspec keywords: electric power generation; power markets; hydrothermal power systems; minimisation; power system analysis computing

Other keywords: optimisation approach; medium-term hydro-thermal operation; oligopolistic market equilibrium point; computer program; equivalent minimisation problem; market equilibrium computing; competitive environments; deregulated frameworks; medium-term generation programming; electrical power systems

Subjects: Power engineering computing; Power system management, operation and economics; Optimisation techniques; Optimisation techniques

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