Optimal multi-area generation schedule considering renewable resources mix: a real-time approach

One of the key role players in deregulated electricity markets is a retailer. This study proposes a multi-area dynamic economic dispatch (MA-DED) model for a retailer, taking into account hydrothermal generating units, wind power generation and power pool market, to supply the overall demand of the system for a given horizon. The uncertainties in wind power generations, energy prices and demand of the system are also modelled to make the proposed approach more practical in case of real-time operation of practical power systems. Scenario-based approach is adopted for uncertainty modelling. In order to make the proposed MA-DED applicable in real-time operation of power systems, optimality condition decomposition (OCD) technique is employed along with parallel computation ability. The proposed approach is examined on two interconnected power networks, to demonstrate its applicability for real-time scheduling of joint thermal and undispatchable renewable energy resources. DED, multi-area, OCD, real-time, uncertainty modelling, scenario-based approach