Profit Maximization of Microgrid Aggregator Under Power Market Environment

The integration of smart microgrid on the large scale in the Indian power market has been highly captivating paradigm since the incorporation of the open access power market under the Indian Electricity Act (IEA) 2003. Efficiency and liquidity of the power market are also rising gradually after the inception of power exchanges (PXs) in 2008. This study presents a comprehensive framework to participate at PXs-based electricity trading platform and to determine the market-clearing price considering single and double side closed bidding mechanism for N bid area. Further, an optimized algorithm is proposed to integrate microgrids in the Indian power market by taking into account several characteristics of IEA 2003 and the 2010 power market regulation. Further, to validate the proposed work, the proposed optimization algorithm is applied to a case study considering a 2.5-MWp grid-connected solar PV-based microgrid with an average load of 2060.2 kW in the Indian power market for an hourly power trading in a financial year time horizon.