LMP based electricity market simulation using genetic algorithm

At present, the restructured electricity market has been a prominent research area and attracted attention. The motivation of the restructuring in the power system is to introduce the competition at various levels and to generate a correct economic signal to reduce the generation cost. As a result, it is required to have an effective price scheme to deliver useful information about the power. The pricing mechanism is dependent on the demand at the load level, the generator bids, and the limits of the transmission network. To address the congestion charges, Locational Marginal Pricing (LMP) is utilized in restructured electricity markets. To improve the system efficiency, in this paper, a Hybrid Backtracking Search Optimization Algorithm with Grey Wolf Optimization (GWO-HBOA) is proposed, based on the Security Constrained Economic Dispatch (SCED). The objective of the proposed scheme is to minimize fuel cost in the transmission system under the loss and lossless conditions, considering both the normal and congestion conditions. BOA is conducted first, and Grasshopper Optimization Algorithm (GOA) is subsequently combined with the BOA, which results in the GWO-HBOA. To predict the demand for generator power, the demand response is estimated exactly. Moreover, the load LMP can be segregated at service security levels with respect to various load entities. In this way, the overcharging and underpayment issues can be solved under the security constrained market optimization. Furthermore, to determine the LMP loss, DC optimal power flow is analyzed. The proposed GWO with constrained security is estimated on IEEE 30-bus test system. Compared with the existing techniques, the proposed algorithm achieves better performance, in terms of fuel cost, voltage stability, voltage deviations, real power loss, and reactive power loss.

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“…In this section, four existing methods, i.e., Refs. [22][23][24][25], are compared with the proposed algorithm. Tab.…”

Section: Experiments Resultsmentioning

confidence: 99%

Estimation of Locational Marginal Pricing Using Hybrid Optimization Algorithms

Bhoopathi¹,

Palanivel²

2022

Intelligent Automation &Amp; Soft Computing

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“…By using power flow tracing principle, the transmission congestion cost is determined. In general, congestion cost is computed by utilizing LMP calculations [14]. From these cost, transmission congestion pricing (TCP) and congestion pricing (CP) has been computed.…”

Section: Congestion Cost Estimationmentioning

confidence: 99%

“…GA is implemented to find the fuel cost of generators. The main drawback of this paper is that time consumption for the convergence of GA is more [14]. Manikandan et al proposes a power flow tracing algorithm using the new set of equations based on the concept of dominions and proportional sharing principle [15].…”

Section: Introductionmentioning

confidence: 98%