Title :
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
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;
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
DOI :
10.1109/INDCON.2009.5409351
