| Title |
An Efficient Revenue/Profit Evaluation Method Based on Probabilistic Production Costing Technique |
| Keywords |
Probabilistic production costing technique ; Profit and revenue of generating unit ; Competitive electricity market ; Equivalent load duration curve |
| Abstract |
This paper presents an efficient algorithm for evaluating the Profit and revenue of generating units in a competitive electricity market based on the probabilistic production costing technique. The accurate evaluation of the profit and revenue of generating units for long-term perspectives is one of the most important issues in a competitive electricity market environment. For efficient calculation of the profit and revenue of generating units under the equivalent load duration curve(ELDC), a new approach to figure out the marginal plants and the corresponding market clearing prices during a time period in a probabilistic manner is developed. The mathematical formulation and illustrative application of the suggested method is presented. |