Abstract
This paper proposes a genetic algorithm (GA) based economic contracting strategy for standing reserve in a typical standing reserve market. The aim of the contracting procedure is to identify the standing reserve tenders to be contracted and the correct-contract order among the tender options received and scheduled reserve alternatives, to meet the reserve requirement at the lowest possible cost. The contract ordering is a simple problem when all options are rendering for a fixed period of time, however, it becomes troublesome with the presence of flexible contracts, i.e. with standing reserve only available for a partial service window. The proposed GA contracting strategy aims to address the complexity caused by flexible contracts. The results for a system with 16 fixed and flexible tender options are presented and compared with those of mixed integer linear programming (MILP) methods
| Original language | English |
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| Pages | 553-558 vol.2 |
| Publication status | Published - 2001 |
| Event | Power Engineering Society Winter Meeting, 2001. IEEE - Duration: 1 Jan 2001 → … |
Conference
| Conference | Power Engineering Society Winter Meeting, 2001. IEEE |
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| Period | 1/01/01 → … |
Keywords
- flexible contracts
- electricity supply industry
- genetic algorithms
- contract ordering
- power system economics
- partial service window
- optimal standing reserve utilisation
- contracts
- tender options
- economic contracting strategy