Profit-Based Unit Commitment for a GENCO Equipped with Compressed Air Energy Storage and Concentrating Solar Power Units

Profit-Based Unit Commitment for a GENCO Equipped with Compressed Air Energy Storage and Concentrating Solar Power Units

With the advent of restructuring in the power industry, the conventional unit commitment problem in power systems, involving the minimization of operation costs in a traditional vertically integrated system structure, has been transformed to the profit-based unit commitment (PBUC) approach, whereby...

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Bibliographic Details
Published in:Energies (Basel) Vol. 14; no. 3; p. 576
Main Authors: Nasouri Gilvaei, Mostafa, Hosseini Imani, Mahmood, Jabbari Ghadi, Mojtaba, Li, Li, Golrang, Anahita
Format: Journal Article
Language:English
Published: Basel MDPI AG 01-02-2021
Subjects:
Alternative energy sources
Capital costs
Company structure
Compressed air
compressed air energy storage
concentrating solar power plant
Decision theory
Economics
Electric industries
Electric power
Electricity
Electricity distribution
electricity markets
Energy management
Energy resources
Energy storage
generation companies
Integer programming
Linear programming
Load
Power plants
Production scheduling
Profit maximization
profit-based unit commitment
Profits
Renewable resources
Scheduling
Solar energy
Solar power
Thermal power
Thermal power plants
Unit commitment
Variables
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Summary:With the advent of restructuring in the power industry, the conventional unit commitment problem in power systems, involving the minimization of operation costs in a traditional vertically integrated system structure, has been transformed to the profit-based unit commitment (PBUC) approach, whereby generation companies (GENCOs) perform scheduling of the available production units with the aim of profit maximization. Generally, a GENCO solves the PBUC problem for participation in the day-ahead market (DAM) through determining the commitment and scheduling of fossil-fuel-based units to maximize their own profit according to a set of forecasted price and load data. This study presents a methodology to achieve optimal offering curves for a price-taker GENCO owning compressed air energy storage (CAES) and concentrating solar power (CSP) units, in addition to conventional thermal power plants. Various technical and physical constraints regarding the generation units are considered in the provided model. The proposed framework is mathematically described as a mixed-integer linear programming (MILP) problem, which is solved by using commercial software packages. Meanwhile, several cases are analyzed to evaluate the impacts of CAES and CSP units on the optimal solution of the PBUC problem. The achieved results demonstrate that incorporating the CAES and CSP units into the self-scheduling problem faced by the GENCO would increase its profitability in the DAM to a great extent.
ISSN:1996-1073
1996-1073
DOI:10.3390/en14030576