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

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

doi:10.1109/TPWRS.2013.2264329

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 journal › Article › peer-review

38 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 language	English
Pages (from-to)	4099-4108
Journal	IEEE Transactions on Power Systems
Volume	28
Issue number	4
DOIs	https://doi.org/10.1109/TPWRS.2013.2264329
Publication status	Published - 2013

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title = "A multimarket decision-making framework for GENCO considering emission trading scheme",

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). {\textcopyright} 2013 British Crown Copyright.",

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year = "2013",

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T1 - A multimarket decision-making framework for GENCO considering emission trading scheme

AU - Li, X.

AU - Yu, C.

AU - Xu, Z.

AU - Luo, F.

AU - Dong, Z.Y.

AU - Wong, Kitpo

PY - 2013

Y1 - 2013

N2 - 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.

AB - 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.

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SP - 4099

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JO - IEEE Transactions on Power Systems

JF - IEEE Transactions on Power Systems

IS - 4

ER -

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

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