Setting of market clearing price (MCP) in Microgrid power scenario

Arup Sinha, A. K. Basu, R. N. Lahiri, S. Chowdhury, S. P. Chowdhury, Peter A. Crossley

    Research output: Chapter in Book/Report/Conference proceedingConference contributionpeer-review

    Abstract

    Microgrid comprises an interconnection of various low voltage, small-scale distributed generators (DGs), energy storage devices and controllable loads interfaced through fast acting power electronic devices in an isolated remote area as islanding operation where conventional grid is not available. Combined heat and power (CHP) produced by DGs may be utilized in the local market making the Microgrid most efficient and economic. Like deregulation regime in conventional power market, multi agent generator providers also may be considered to make the Microgrid market equal competitive. The basic objective of a competitive electricity market is to serve the consumers at a reduced price. The objective of this paper is to analyze and propose the pricing mechanism for Microgrid energy in the competitive electricity market where the Microgrid Central controller (μcc) is made to participate in the bidding process to settle market-clearing price (MCP). Two important market settlement techniques, Day-ahead and Real-time, have been considered with the marketing strategies of renewable DGs like Photovoltaic (PV) and wind generation. © 2008 IEEE.
    Original languageEnglish
    Title of host publicationIEEE Power and Energy Society 2008 General Meeting: Conversion and Delivery of Electrical Energy in the 21st Century, PES|IEEE Power Energy Soc. Gen. Meet.: Convers. Deliv. Electr. Energy Century, PES
    DOIs
    Publication statusPublished - 2008
    EventIEEE Power and Energy Society 2008 General Meeting: Conversion and Delivery of Electrical Energy in the 21st Century, PES - Pittsburgh, PA
    Duration: 1 Jul 2008 → …

    Conference

    ConferenceIEEE Power and Energy Society 2008 General Meeting: Conversion and Delivery of Electrical Energy in the 21st Century, PES
    CityPittsburgh, PA
    Period1/07/08 → …

    Keywords

    • Distributed generators (DGs)
    • Energy management
    • MCP
    • Microgrid

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