Keywords: optimal power flow, AC power flow, open access, optimal pricing, benefit maximisation, coordinated power markets, bilateral power markets, security constraints, interior point optimisation, IEEE–30 bus, optimal generation scheduling, power generation, market benefits
Optimal power flow with benefit maximisation in coordinated bilateral power market
This paper presents an optimal power flow solution in a coordinated bilateral power network using AC power flow–based methodology. The main objective of the present work is to maximise the benefits in power market. The interior point (IP)–based optimisation method has been used for finding the global solution. The solution has been obtained by announcement of the system information. This information has been provided by system operators for all market participants. The study has been conducted on a modified IEEE–30 bus system with two market models. The results show clearly the effectiveness of the suggested interior point optimisation–based optimal generation schedule in a power market with enhanced market benefits.