Abstract
SUMMARYThere are two kinds of generation dispatch models under trial operation in today's Chinese electric power industry, that is, the model based on the electricity market and the model based on energy‐saving generation. In this paper, the theory of energy consumption rights trading and pricing is firstly presented. And then a new generation dispatch model based on internalization of external costs of electric power plants is proposed. The model revises the market settlement with external cost. Through the simulation analysis on East China electricity market, it is shown that the new model achieves a joint optimization of energy saving, emission reduction, and economic benefits. Copyright © 2011 John Wiley & Sons, Ltd.
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