Electricity and CO2 emissions system prices modeling and optimization

We present two stochastic models optimizing a hydro-thermal power system; the first from the perspective of a global system and the second from a sub-system's (country or utility) perspective within a liberalized market. Particularly CO2 emission quotas and CO2 certificate prices are taken into...

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Bibliographic Details
Published in2009 IEEE Bucharest PowerTech pp. 1 - 6
Main Authors Rebennack, S., Iliadis, N.A., Pereira, M.V.F., Pardalos, P.M.
Format Conference Proceeding
LanguageEnglish
Published IEEE 01.06.2009
Subjects
CO2 emission trading
CO2 market price
CO2 portfolio management
CO2 quota
Cost function
energy
Environmental economics
Hybrid power systems
Power generation
Power system management
Power system modeling
power systems optimization
SDDP
Stochastic Linear Programming
Stochastic processes
Stochastic systems
Thermal management
Water resources
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Summary:We present two stochastic models optimizing a hydro-thermal power system; the first from the perspective of a global system and the second from a sub-system's (country or utility) perspective within a liberalized market. Particularly CO2 emission quotas and CO2 certificate prices are taken into account. The first model seeks to compute the electricity system marginal price as well as the CO2 emissions marginal price by minimizing the expected system's cost of operation. In the second model, the expected revenues of the sub-system within a liberalized electricity market while considering stochastic inflows, electricity, fuel and CO2 prices are maximized. The above-mentioned stochastic variables are represented via joint scenarios. The resulting stochastic linear program will be solved via hybrid SDP/SDDP.
ISBN:9781424422340
1424422345
DOI:10.1109/PTC.2009.5281854