Journal
IEEE TRANSACTIONS ON POWER SYSTEMS
Volume 28, Issue 2, Pages 1093-1102Publisher
IEEE-INST ELECTRICAL ELECTRONICS ENGINEERS INC
DOI: 10.1109/TPWRS.2012.2212727
Keywords
Electricity markets; information-gap decision theory (IGDT); price forecasts; self-scheduling; uncertainty
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In a competitive electricity market, a generation company (GenCo) optimizes its operation schedules, referred to as self-scheduling, in order to maximize its profit. However, various sources of uncertainty, such as market price fluctuations or forced outage of generating units, may impact the GenCo's profit. In this paper, a non-probabilistic information-gap model is proposed to model the uncertainties in short-term scheduling of a GenCo. The self-scheduling problem is formulated for risk-neutral, risk-averse, and risk-seeker GenCos. Robustness of the decisions against low market prices are evaluated using a robustness model. Furthermore, windfall higher profit due to unpredicted higher market prices is modeled using an opportunity function. The proposed models are applied to a 54-unit thermal GenCo.
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