A multimarket decision-making framework for GENCO considering emission trading scheme

X. Li, C. Yu, Z. Xu, F. Luo, Z.Y. Dong, Kitpo Wong

    Research output: Contribution to journalArticle

    21 Citations (Scopus)

    Abstract

    In a multimarket environment, a GENCO produces electricity subject to a number of factors, including physical and environmental constraints, together with trading strategies in the electricity market (EM), fuel market (FM) and carbon market (CM). To assist a GENCO to maximize its profits from EM, FM and CM, this paper proposes a dynamic decision making model with two consecutive stages. Fuzzy differential evolution algorithm is used to solve this decision-making problem. Taking transactions in the three interactive markets into account, the proposed model has been tested for a GENCO consisting of seven thermal units and a wind farm. A rational tradeoff between the profit-making and emission reduction has been demonstrated by the GENCO using the proposed model, indicating a well alignment with the intended goal of the introducing emission trading scheme (ETS). © 2013 British Crown Copyright.
    Original languageEnglish
    Pages (from-to)4099-4108
    JournalIEEE Transactions on Power Systems
    Volume28
    Issue number4
    DOIs
    Publication statusPublished - 2013

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