Stochastic short-term maintenance scheduling of GENCOs in an oligopolistic electricity market

M. A. Fotouhi Ghazvini, B. Canizes, Z. Vale, H. Morais

Research output: Contribution to journalJournal articleResearchpeer-review

Abstract

In the proposed model, the independent system operator (ISO) provides the opportunity for maintenance outage rescheduling of generating units before each short-term (ST) time interval. Long-term (LT) scheduling for 1 or 2 years in advance is essential for the ISO and the generation companies (GENCOs) to decide
their LT strategies; however, it is not possible to be exactly followed and requires slight adjustments. The Cournot-Nash equilibrium is used to characterize the decision-making procedure of an individual GENCO for ST intervals considering the effective coordination with LT plans. Random inputs, such as parameters
of the demand function of loads, hourly demand during the following ST time interval and the expected generation pattern of the rivals, are included as scenarios in the stochastic mixed integer program defined to model the payoff-maximizing objective of a GENCO. Scenario reduction algorithms are used to deal with the computational burden. Two reliability test systems were chosen to illustrate the effectiveness of the proposed model for the ST decision-making process for future planned outages from the point of view of a GENCO.
Original languageEnglish
JournalApplied Energy
Volume101
Pages (from-to)667-677
ISSN0306-2619
DOIs
Publication statusPublished - 2013
Externally publishedYes

Keywords

  • Cournot model
  • Game theory
  • Maintenance scheduling
  • Nash equilibrium
  • Oligopolistic market
  • Stochastic mixed integer programming

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