A probabilistic production cost model with optimization of the loading order

The authors present a new power system probabilistic production cost model developed as a benchmark to establish comparisons with classical production cost models. The importance of the operating constraints and loading order optimization has been emphasized. The impart in the utilization factors of the units, as a consequence of the assumptions made in probabilistic simulation models, has been evaluated and shown to be very significant in certain cases. Illustrative numerical results have been presented using a realistic example based on the Spanish electric system