Price based unit commitment for Gencos in deregulated markets

Some power markets require the Gencos to bid for each individual generator rather than for a group of units. So, it may be desirable to develop unit commitment and generation schedule strategies for individual units. This paper presents a technique to optimize the unit commitment and generation schedules on the basis of the forecasted price. A methodology based on dynamic programming and enumeration has been proposed. The technique has further been extended to optimize the problem for a group of generators. The technique is explained with illustrative examples and then applied to several systems reported in the literature. The results obtained are very encouraging, comparable, if not better, than the results reported earlier in all cases. Finally, the proposed technique is quite simple and requires significantly less computational time.