Market-based generation planning with carbon target
File(s)
Author(s)
Wang, Junkai
Qiu, Dawei
Strbac, Goran
Ye, Yujian
Type
Conference Paper
Abstract
In the era of the deregulated electricity market, the necessity and urgency for reducing carbon emissions are broadly recognized, which further drives the market-based generation planning towards a low-carbon transition. In this context, this paper proposes a multi-period bi-level optimization problem, where the upper-level problem indicates the generation company pursuing maximized profit and the lower-level problem depicts the market clearing process with carbon limitations. To solve it, this bi-level optimization problem is first replaced with its mathematical program with equilibrium constraints (MPEC) model and then transformed into a mixed integer linear program (MILP) with Karush-Kuhn-Tucker (KKT) optimality conditions and strong duality theory. Case studies are carried out to evaluate the impact of carbon targets on market-based generation investment decisions and business cases.
Date Issued
2023-07-03
Date Acceptance
2023-06-01
Citation
2023 19th International Conference on the European Energy Market (EEM), 2023, pp.1-7
ISSN
2165-4077
Publisher
IEEE
Start Page
1
End Page
7
Journal / Book Title
2023 19th International Conference on the European Energy Market (EEM)
Volume
2023-June
Copyright Statement
© 2023 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting/republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works.
Identifier
https://www.webofscience.com/api/gateway?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:001032836700084&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=a2bf6146997ec60c407a63945d4e92bb
Source
19th International Conference on the European Energy Market (EEM)
Subjects
Bi-level optimization
Business & Economics
CAPACITY EXPANSION
Carbon target
Economics
Electricity markets
Energy & Fuels
Engineering
Engineering, Electrical & Electronic
Generation planning
Green & Sustainable Science & Technology
INVESTMENT
POWER
Science & Technology
Science & Technology - Other Topics
Social Sciences
Technology
Publication Status
Published
Start Date
2023-06-06
Finish Date
2023-06-08
Coverage Spatial
Lappeenranta, Finland