Optimal Generation Portfolio Allocation in Competitive Electricity Market

Author

Pindoriya, N.M. ; Singh, S.N. ; Singh, S.K.

Author_Institution

Dept. of Electr. Eng., Indian Inst. of Technol. Kanpur, Kanpur, India

fYear

2009

fDate

18-20 Dec. 2009

Firstpage

1

Lastpage

4

Abstract

This paper presents a multiobjective optimization framework based electricity portfolio allocation model for generating companies (GenCos) in deregulated electricity market. Since, it is competing and conflicting multi-objective optimization problem, this paper applies a multi-objective particle swarm optimization (MOPSO) based meta-heuristic technique to provide Pareto frontier in a single simulation run. The performance of the proposed approach has been tested using a case study of the PJM electricity market. The assets available for GenCo, by participating in electricity markets, are considered to be the spot energy market and bilateral contacts. Two cases with different bilateral contract prices are presented.

Keywords

particle swarm optimisation; power markets; Pareto frontier; bilateral contract prices; deregulated electricity market; multi-objective particle swarm optimization; optimal generation portfolio allocation; spot energy market; Companies; Electricity supply industry; Electricity supply industry deregulation; Energy management; Environmental management; Forward contracts; Instruments; Particle swarm optimization; Portfolios; Power generation;

fLanguage

English

Publisher

ieee

Conference_Titel

India Conference (INDICON), 2009 Annual IEEE

Conference_Location

Gujarat

Print_ISBN

978-1-4244-4858-6

Electronic_ISBN

978-1-4244-4859-3

Type

conf

DOI

10.1109/INDCON.2009.5409351

Filename

5409351