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Risk and profit in self-scheduling for GenCos

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2 Author(s)
Yamin, H.Y. ; Dept. of Power Eng., Yarmouk Univ., Irbid, Jordan ; Shahidehpour, S.M.

This letter addresses the risk-based self-scheduling problem of a price-taker Generation Company in the day-ahead competitive electricity markets. The letter analyzes a self-scheduling model that accounts for profit and risk simultaneously. The effect of risk is explicitly modeled in the self-scheduling problem taking into account the variance of the market-clearing prices. The tradeoff of maximum profit versus minimum risk is properly addressed.

Published in:

Power Systems, IEEE Transactions on  (Volume:19 ,  Issue: 4 )