A new solution for maintenance scheduling in deregulated environment based on lost opportunity cost of market participation and reliability

This paper proposes a new method for maintenance scheduling of power generation units in deregulated environments by determining a fundamental index named Lost Opportunity Cost of Market Participation (LOCMP) based on dynamic game theory. Maintenance scheduling of power generation units in deregulated environments is a vital issue, because each Generation Company (GENCO) requires maximizing its benefits besides considering reliability concerns that is attended by Independent System Operator (ISO) side. Therefore, the paper offers a justice-oriented framework based on dynamic game theory for the maintenance scheduling problem. In this new solution, each generation company sets its strategy to minimizing the Lost Opportunity Cost of all Market Participators in a dynamic game theory by considering load uncertainty. On the other hand, ISO keeps safety of system based on its desirable reliability and its policy. The paper assessed the ISO activities by applying Monte-Carlo simulation for studying reliability indices. Numerical results are obtained by using IEEE Reliability Test System as the case study for testing correctness and applicability of the new mentioned solution.