Abstract This paper proposes a decentralized power system economic dispatch (DPSED) model considering carbon capture power plants (CCPPs) and carbon emission trading scheme (CETS) under a low-carbon economy. First, CETS is introduced and analyzed, and a time-varying carbon emission quota allocation method is proposed. The centralized power system economic dispatch model (CPSED) under a low-carbon economy is established with the objective function to minimize the total operation cost in which CCPPs are introduced that can capture CO2 to reduce carbon emission trading cost. Then, the centralized economic dispatch problem is reformulated into a decentralized model. It is composed of a set of sub-problems in individual areas that can preserve privacy and be solved independently. The alternating direction method of multipliers (ADMM) algorithm is employed to solve the decentralized optimization model, reducing the amount of exchanged information and preserving the privacy of information shared among participating areas. Moreover, the over-relaxed ADMM algorithm is further adopted to accelerate the convergence. Finally, case studies are performed on a 6-bus system and an IEEE 118-bus system to validate the effectiveness of the proposed model and algorithm. Numerical results demonstrate that CCPPs could reduce carbon emissions, help wind power utilization, and achieve economic operation.
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