Solution of profit based unit commitment considering market equilibrium condition

Abstract

Profit based unit commitment on spot price may not always satisfy market equilibrium in power pool auctions. Even though the generation schedule obtained by solving centralized minimum cost solution satisfies power balance condition, this schedule may give losses to some generating companies (GENCOs) at some periods. This paper presents an augmented pricing approach along with genetic algorithm based unit commitment to attain market equilibrium at such periods. This paper uses a different technique to get the optimal level of power generation on forecasted spot price as part of unit commitment. With this approach both the consumers and GENCOs are charged for attaining equilibrium condition at the cases where equilibrium will not meet. Test results for 3 GENCOs 12 hours system justify the effectiveness of the technique along with the proposed modifications used at different stages of the method