An Improved PSO Approach for Profit-based Unit Commitment in Electricity Market

In this paper, we propose a formulation of the unit commitment problem based on the profit under the deregulated electricity market (PBUC). We express the unit commitment problem as a mixed integer nonlinear optimization problem in which the objective is to maximize profits for generation company and the decisions are required to meet all kinds of operating constraints. Under the assumption of competitive market and price forecasting, we developed an improved discrete binary particle swarm optimization (PSO) and standard value PSO to solve this PBUC problem iteratively. A generation company with 10 generating units is used to demonstrate the effectiveness of the proposed approach. Simulation results are compared with those obtained from reference method