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Analysis on a Power Transaction with Fuel-Constrained Generations in an Electricity Market  

이광호 (단국대 전기전자컴퓨터공학부)
Publication Information
The Transactions of the Korean Institute of Electrical Engineers A / v.53, no.8, 2004 , pp. 484-489 More about this Journal
Abstract
When the energy resource available to a particular plant (be it coal, oil, gas, water, or nuclear fuel) is a limiting factor in the operation of the plant, the entire economic dispatch calculation must be done differently. Each economic dispatch calculation must account for what happened before and what will happen in the future. This paper presents a formulation and a solution method for the optimization problem with a fuel constraint in a competitive electricity market. Take-or- Pay (TOP) contract for an energy resource is the typical constraint as a limiting factor. Two approaches are proposed in this paper for modeling the dispatch calculation in a market mechanism. The approaches differ in the subject who considers and inserts the fuel-constraint into its optimization problem. Market operator and each power producer having a TOP contract are assumed as such subjects. The two approaches are compared from the viewpoint of profits. surplus. and social welfare on the basis of Nash Equilibrium.
Keywords
Electricity Market; Fuel-Constraint; Take-or-Pay Contract; Market Operator; Bilevel Optimization;
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