Abstract
This paper proposes a systematic method for evaluation of optimal spot prices using genetic algorithm as well as classical method. Spot pricing of electricity in a power system was proposed during early eighties considering unit generation and consumer usage as decision variables. With restructuring followed by deregulation, a number of players have started participating in the competitive power market leading optimal spot pricing to a complicated level. This paper presents a novel method using genetic algorithm (GA) for optimal allocation of generated power with minimal cost so that spot price can be optimised under stressed condition. This method has been extended by using load flow analysis to minimize the operating loss keeping the spot price within predefined limit, so that ISO can choose any one of techniques considering the consumer's welfare. This proposed algorithm has been successfully tested with standard IEEE 30 bus system to produce remarkable optimal solution.
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