Binary grey wolf optimizer models for profit based unit commitment of price-taking GENCO in electricity market.

Abstract The restructuration of electric power sector has renovated the power system operational planning. In the deregulated market, electricity is treated as an entity unlike in the traditional vertically integrated market model where it is treated as a service provided by the generation companies (GENCOs). The task of GENCO is to perform self-scheduling of available units so as to achieve maximum profit in restructured power sector. Therefore, the problem of profit based unit commitment (PBUC) in deregulated markets can be formulated as a commitment and generation allocation through self-scheduling procedure. The commitment schedule optimization, i.e whether the status of a thermal unit is to be changed to on or off state, is a binary problem. Thus, the PBUC problem requires binary optimization for commitment and real valued optimization for generation allocation. In this paper, three binary grey wolf optimizer (BGWO) models are presented to solve the profit based self-scheduling problem of GENCO. The BGWO models proposed in this paper differ with respect to the transformation function used to map real valued wolf position into a binary variable. The binary mapping of commitment status is carried out using sigmoid and tangent hyperbolic transfer functions. Also, in the sigmoidal transfer function, two binary transformation procedures, namely crossover and conventional sigmoidal transfer function, are presented. The effectiveness of the proposed models in improving the solution quality of PBUC problem is examined using two test systems, a 3 unit and a 10 unit test system. In addition, two cases of GENCO market participation with and without reserve market participation are simulated. In the test case with reserve market participation, two commonly used reserve payment models are examined. Simulation results are presented and compared to existing approaches that have been used to solve the PBUC problem. The simulation results and statistical analysis demonstrate the improved solution quality (profit or fitness value) of the PBUC problem and statistical significance of the BGWO models with respect to solution quality obtained as compared to other established meta-heuristic approaches. [ABSTRACT FROM AUTHOR]