Abstract
The modern technological advancements have made the integration of various renewable energy resources and consumers possible to participate efficiently for better and reliable system operation. Microgrid is one of the most important players of electricity market. In this paper the optimization problem of the microgrid system operating in hybrid electricity market under pool and bilateral contract agreement with demand response of consumers has been investigated. The mathematical model for the system has been developed and solved by CONOPT solver in GAMS optimization software. It shows that the power curtailed by the consumers not only helps in reduction in the overall demand and operating cost of the system but also provide incentives to the consumers to participate in demand response.
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