Dynamic scheduling of operating energy and reserve in electricity market with ramp rate constraints

Earlier the economic dispatch problem was solved for generation first and subsequently for reserve but nowadays in electricity market these two operations are simultaneously performed to increase the efficiency and reliability of the power system. In this study, MATLAB based optimization solver Sequential quadratic programming (SQP) is used to allocate the static and dynamic dispatch in Electricity market based on price bids submitted by the private and public GENCOS. The idea is implemented on IEEE 17-units system with 57 buses for reserve and energy cost optimization under all operating constraints. The realistic representation of the power system is done where constantly changing load demands, generator outages etc. are included in the model. The SQP algorithm is found to model the practical constraints like ramp-limits, reserve/energy coupling constraints, power-balance and generation capacity limits.