- Title
- A multimarket decision-making framework for GENCO considering emission trading scheme
- Creator
- Li, Xu Ran; Yu, Chi Wai; Xu, Zhao; Luo, Feng Ji; Dong, Zhao Yang; Wong, Kit Po
- Relation
- IEEE Transactions on Power Systems Vol. 28, Issue 4, p. 4099-4108
- Publisher Link
- http://dx.doi.org/10.1109/TPWRS.2013.2264329
- Publisher
- Institute of Electrical and Electronics Engineers (IEEE)
- Resource Type
- journal article
- Date
- 2013
- Description
- 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).
- Subject
- carbon market; electricity market; emission trading schemes; fuel market; fuzzy differential evolution; wind power
- Identifier
- http://hdl.handle.net/1959.13/1317615
- Identifier
- uon:23454
- Identifier
- ISSN:0885-8950
- Language
- eng
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