Abstract
Market clearing in a Day Ahead Electricity Market is an important task in any Electric Power Exchange (PX) around the world. Market clearing requires searching of market equilibrium point i.e. Market Clearing Volume (MCV) and Market Clearing Price (MCP) in a hourly Day Ahead Electricity Market. It plays a crucial role in determining social welfare for all players participating in PX. Therefore this paper presents an efficient common cumulative power method for market clearing in Day Ahead Electricity market and compared its results with that obtained by Linear Programming (LP) method and Intermediate Value method in terms of three different aspects. First, the capability of the proposed method for accurately obtaining MCV & MCP is tested under four different possible intersection cases. The results clearly shows that the proposed method is efficient enough to accurately generate MCV & MCP for all cases. Second, the performance of proposed method is compared with two other method in terms of percentage error in obtained MCV & and MCP. Results clearly shows that the proposed method is capable of generating MCV & MCP with zero percentage error. Finally, performance of the proposed method is compared in terms of simulation time required to obtain market equilibrium with LP method by increasing the number of supply offers / demand bids and the results clearly shows proposed algorithm takes much less time upto 10000 number of Supply offers / demand bids.
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