A new hybrid method to profit-based unit commitment for minimum performance of ISO

This paper presents a hybrid method for profit-based unit commitment problem for minimum performance of ISO. Hybrid Model maximizes their own profit for each Generation Company (GENCO) subject to the some constraints. Some years ago, utilities had to produce power to satisfy their customers with objective to minimize costs and all demand/reserve were met. However, it is not necessary in a restructured system. Under new structure, generation companies (GENCOs) schedule their generators with objective to maximize their own profit without regard for system social benefit. Power and reserve prices become important factors in decision process. GENCOs´ decision to commit generating units is associated with financial risks. This unit commitment has a different objective than that of the traditional unit commitment and is referred to as profit-based unit commitment to emphasize the importance of the profit. This paper presents a comparison between some hybrid models to solve the profit-based UC problem. The level of involvement of the ISO may be a more practical criterion for the classification of electricity markets. This paper presents the minimum performance of ISO. Simulations are carried out to show the performance of the proposed methodology.