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MES research in energy. This study presents a new stochastic self‐scheduling model for generation companies (GENCOs)...

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Abstract

This study presents a new stochastic self‐scheduling model for generation companies (GENCOs) in day‐ahead electricity markets including energy and reserves auctions. The proposed stochastic model takes into account both the uncertainty of predicted market prices and forced outages of generating units. Also, financial risk of GENCOs is formulated through well‐known conditional value‐at‐risk index. The proposed self‐scheduling model is tested on the IEEE 118‐bus test system and the obtained results are discussed.

Keywords

Electricity marketElectricityElectricity retailingScheduling (production processes)Electricity generationMicroeconomics

Identifiers

DOI
10.1049/iet-gtd.2012.0729
Journal
IET Generation, Transmission & Distribution
Year
2013