This paper presents a new approach to solve the short-term unit commitment problem using genetic algorithm-based simulated annealing method for utility system. The objective of this paper is to find the generation scheduling such that the total operating cost can be minimised when subjected to a...

The pricing of contingent claims in the wholesale power market is a controversial topic. Important challenges come from the non-storability of electricity and the number of parameters that impact the market. We propose an equilibrium model based on the fundamentals of power generation. In a...

This paper presents a new approach to solve the short-term unit commitment problem using genetic algorithm-based simulated annealing method for utility system. The objective of this paper is to find the generation scheduling such that the total operating cost can be minimised when subjected to a...

A high wind-power penetration level causes increased uncertainty in power system operation because of the variability and limited predictability of wind generation. This paper proposes a novel type of unit commitment (UC) considering spinning reserve and interruptible load (IL) as operating...

Due to the variable nature of wind resources, the increasing penetration level of wind power will have a significant impact on the operation and planning of the electric power system. Energy storage systems are considered an effective way to compensate for the variability of wind generation....

In northern Europe wind energy has become a dominating renewable energy source due to natural conditions and national support schemes. However, the uncertainty about wind generation affects existing network infrastructure and power production planning of generators and cannot not be fully...

U.S. Day-Ahead Markets (DAMs) for wholesale electric power managed by Independent System Operators (ISOs) encompass more than 60% of U.S. generating capacity. The current design of these DAMs encourages a focus on decisions that minimize immediate net costs without explicit consideration of...

In this paper, we investigate the representation of wind power forecasting (WPF) uncertainty in the unit commitment (UC) problem. While deterministic approaches use a point forecast of wind power output, WPF uncertainty in the stochastic UC alternative is captured by a number of scenarios that...

Pump storage plants are an important electricity storage technology at present. Investments in this technology are expected to increase. The necessary investment valuation often includes expected cash flows from future price-based unit commitment policies. A price-based unit commitment policy...