Abstract
This paper presents a profit-based self-scheduling framework for generation company participation in energy and ancillary service markets under multi-constrained environment with renewable energy participation. The participation strategies of generation company include various objectives incorporating economic (profit maximization), environmental (emission minimization), and social (maximum load satisfaction) aspects. The total objective under single, dual and multi-constrained approaches is formulated along with appropriate constraints for energy, spinning reserve, and non-spinning reserve offerings in various markets. In addition, the impact of renewable energy participation in energy market on scheduling decisions of generation company in different markets is also examined. The renewable energy independent power producers namely wind energy and solar photovoltaic energy generators are considered in this study. The sensitivity analysis is also carried out to examine the impact of reserve deployment probability on optimal offerings and generation company surplus in energy as well as ancillary service markets. To solve the proposed framework, binary fireworks algorithm is used, considering the binary natured commitment problem of generation company’s thermal units. The simulation results of proposed framework tested using thermal units, wind energy independent power producer, solar photovoltaic independent power producer are presented for base case and various scenarios involving single, dual and multi objectives. The comparison shows the effectiveness of proposed multi-constrained approach in arriving at optimal offering of generation company under economic, environmental and social constraints. Therefore, this integrated approach can prove to be an effective tool for generation company participation in energy and ancillary service market under renewable participation.
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