Social welfare maximization in deregulated power market incorporating wind power plants using metaheuristic algorithm
Ajay Swaroop Raturi,
Raj Kumar Jarial,
Yog Raj Sood
et al.
Abstract:The increasing integration of renewable energy sources (RESs), particularly wind power plants (WPP), into deregulated power markets introduces complexities in optimizing social welfare (SW). This article proposes a recent metaheuristic algorithm to address this challenge and maximize SW while accounting for the presence of WPP and the inherent uncertainty associated with wind power forecasting. The proposed algorithm optimizes generation scheduling and demand-side bidding strategies in the deregulated power ma… Show more
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