A multimarket decision-making framework for GENCO considering emission trading scheme

Xu Ran Li, Chi Wai Yu, Zhao Xu, Feng Ji Luo, Zhao Yang Dong, Kit Po Wong

Research output: Journal article publicationJournal articleAcademic researchpeer-review

24 Citations (Scopus)

Abstract

In a multimarket environment, a GENCO produces electricity subject to a number of factors, including physical and environmental constraints, together with trading strategies in the electricity market (EM), fuel market (FM) and carbon market (CM). To assist a GENCO to maximize its profits from EM, FM and CM, this paper proposes a dynamic decision making model with two consecutive stages. Fuzzy differential evolution algorithm is used to solve this decision-making problem. Taking transactions in the three interactive markets into account, the proposed model has been tested for a GENCO consisting of seven thermal units and a wind farm. A rational tradeoff between the profit-making and emission reduction has been demonstrated by the GENCO using the proposed model, indicating a well alignment with the intended goal of the introducing emission trading scheme (ETS).
Original languageEnglish
Pages (from-to)4099-4108
Number of pages10
JournalIEEE Transactions on Power Systems
Volume28
Issue number4
DOIs
Publication statusPublished - 20 Jun 2013

Keywords

  • Carbon market
  • Electricity market
  • Emission trading schemes
  • Fuel market
  • Fuzzy differential evolution
  • Wind power

ASJC Scopus subject areas

  • Energy Engineering and Power Technology
  • Electrical and Electronic Engineering

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