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A new approach to obtain maximum benefit in electricity markets based on the Newton Iteration equation

Masoud Yadollahi Zadeh,Hasan Monsef-2011-11-17
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TL;DRAbstract

Electricity market participants (generators) will choose their bids in order to maximize their profit in a competitive environment. This paper presents an efficient mathematical technique, considering transmission congestion and losses, to determine generator profit maximization. By the algorithm presented in this paper some converged bidding coefficients has been resulted so that each supplier can bid higher than its marginal price in the market and get the maximum benefit. Finally at the end of the paper, this algorithm is applied to a typical system and results are presented.

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Electricity market participants (generators) will choose their bids in order to maximize their profit in a competitive environment. This paper presents an efficient mathematical technique, considering transmission congestion and losses, to determine generator profit maximization. By the algorithm presented in this paper some converged bidding coefficients has been resulted so that each supplier can bid higher than its marginal price in the market and get the maximum benefit. Finally at the end of the paper, this algorithm is applied to a typical system and results are presented.

Keywords

Electricity marketProfit maximizationBiddingMathematical optimizationEconomic dispatchProfit (economics)ElectricityComputer science

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