An optimization algorithm selection to regulate the power plant work

Abstract

This paper introduces the optimization algorithm selection for the bids formation in deregulated market. The solution of the task is made on stochastic optimization procedure. The time average revenue maximization approach is taken to analyze and find optimum in uncertainty. The random nature of the future energy prices and river water inflows is considered. A case study is conducted on a realistic hydroelectric power work in cascade and demonstrates the advantages of the stochastic approach. It is concluded that the proposed approach, developed algorithms, the data capture from Internet, enhanced user friendly interface shall support and enable improved decision making for the power station operator.