Emerging power market in a microgrid scenario

In a broad-spectrum, power generation is effected primarily through coal, nuclear and natural gas power plants, but the contributions of renewable energy sources also play an essential role in expanding the energy portfolio. The most significant issues in this industry are the recent deregulation initiatives, which influence company decisions as regards the construction of new generation plants and transmission lines, and the influence of clean air legislation on generation type. The dependence on imports of fossil fuels and the unavoidable depletion of this resource can only be countered through an intensive effort to set up a hydrogen-based (or similar) economy. Microgrid system will be economically viable if proper marketing of its power is done. This paper discusses various marketing strategies such as bidding, spot marketing, pricing etc. that can be applied to predict and ensure the economic viability of the Microgrid scenario. The authors have also proposed the pricing structure for the same. The authors have furnished results of their study for power interruption.