Scheduling of Generation and Loads Through Market Clearing Auction in a Dynamic Power Market

Abstract

This paper proposes a model to maximize the profit of power producers by determining the production of its generating units through self-scheduling technique. The power producers use the outputs of the scheduling problem to make a decision of production offers for generating units in the electric market. For a given market price, these offering strategies produce the electric energy according to the system inter connection. In the same way, consumer and load bids decide the amount of production and consumption in the market. In this paper it is revealed with the bidding prices of generators and loads the final settlement of dispatch of generators and consumption of loads, is calculated through locational marginal prices (LMP) at the busses. Independent System Operator (ISO) determines then bidding offers that are cleared through the market clearing auction from power producers and power consumers.