A novel method for electricity price determination in deregulated markets

Research output: Contribution to journalArticlepeer-review

Abstract

The aim of the Dynamic Economic Emissions Dispatch (DEED) is to determine the optimal output of committed generating units whilst minimizing the units' fuel costs and emissions without violating practical power system operational constraints. In a deregulated market environment, the objective changes from solely minimizing fuel costs and emissions to include the maximization of the Independent System Operator's (ISO) profit. This formulation is known as the Profit Based Dynamic Economic Emissions Dispatch (PBDEED). In this paper, the PBDEED problem is investigated for the Nigerian electricity market which is a recently liberalised market. The model is solved in the Advanced Interactive Multidimensional Modelling System (AIMMS) environment using the price penalty factor approach and a comparison is made with the weighted sum approach. Obtained results indicate the suitability of our developed model.

Original languageEnglish
Pages (from-to)142-146
Number of pages5
JournalPrzeglad Elektrotechniczny
Volume96
Issue number11
DOIs
Publication statusPublished - 2020

Keywords

  • Dynamic Economic Emissions Dispatch
  • Independent System Operator
  • Profit Based Dynamic Economic Emissions Dispatch

ASJC Scopus subject areas

  • Electrical and Electronic Engineering

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