Abstract
In this paper, the authors propose a fuzzy-optimization approach to dynamic economic dispatch, considering the uncertainties in deregulated energy and reserve markets. The methodology was developed from the viewpoint of a generation company wishing to maximize its own profit and to hedge its risks as a participant in the energy market and 10-min spinning reserve market. The uncertainties in the current paper were represented with fuzzy numbers, and consist of the demand and reserves required in each market, prices cleared in each market, and the probability that reserves are called upon in actual operation. The energy and reserve markets were coordinated by the generator ramp rate limits. The optimal amounts of power and reserve were determined by solving the optimization problem. Two reserve payment methods, payment for power delivered and payment for reserve allocated, were investigated in this paper.
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