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A least cost approach for power plant portfolio optimization in a regulated environment electricity supply industry with constraints

Similar to other countries, in Malaysia, the daily demand exhibits large variations between weekdays and weekend and between peak and off peak hours. The ability to follow the load demand with reliable supply of electricity and optimal economic operation is of paramount importance, which is achieved...

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Main Authors:	Selanduray H., Boosroh M.H.
Other Authors:	26423299800
Format:	Article
Published:	2023
Subjects:	Dynamic programming Economic dispatch Portfolio optimization and unit commitment Priority listing Computer simulation Financial data processing Macros Optimization Scheduling User interfaces Coal fired units Economic operations Fuel cost Gas-fired Hybrid method Interactive models Least cost Least-cost solutions Load demand Macro program Malaysia MicroSoft Optimal solutions Portfolio optimization Power plant portfolio Power system scheduling Processing Time Short-term scheduling Small-scale systems Start-up costs System constraints Unit commitments Costs
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id	my.uniten.dspace-30710
record_format	dspace
spelling	my.uniten.dspace-307102023-12-29T15:51:41Z A least cost approach for power plant portfolio optimization in a regulated environment electricity supply industry with constraints Selanduray H. Boosroh M.H. 26423299800 6506812468 Dynamic programming Economic dispatch Portfolio optimization and unit commitment Priority listing Computer simulation Dynamic programming Financial data processing Macros Optimization Scheduling User interfaces Coal fired units Economic dispatch Economic operations Fuel cost Gas-fired Hybrid method Interactive models Least cost Least-cost solutions Load demand Macro program Malaysia MicroSoft Optimal solutions Portfolio optimization Power plant portfolio Power system scheduling Priority listing Processing Time Short-term scheduling Small-scale systems Start-up costs System constraints Unit commitments Costs Similar to other countries, in Malaysia, the daily demand exhibits large variations between weekdays and weekend and between peak and off peak hours. The ability to follow the load demand with reliable supply of electricity and optimal economic operation is of paramount importance, which is achieved by solving two power system scheduling problems, namely, unit commitment and economic dispatch. This paper proposes a hybrid method combining priority listing and dynamic programming as the solution tool for this study, with an ultimate objective of obtaining a least cost solution for the short-term scheduling period considered subject to unit and system constraints. An interactive model built using Microsoft Excel-VBA Macro program was used to perform simulations and analyses on small scale system consisting of four gas-fired units and two coal-fired units. The optimal solution for the system studied was achieved under a reasonable processing time. The least cost solution was found by using feasible combination of units that satisfies all constraints and with total minimum fuel cost, start-up cost and variable operating cost. Higher utilization of the more efficient units is a vital factor to achieve the least cost objective. Final 2023-12-29T07:51:41Z 2023-12-29T07:51:41Z 2010 Article 2-s2.0-80051693758 https://www.scopus.com/inward/record.uri?eid=2-s2.0-80051693758&partnerID=40&md5=7068868fe6c43dacf86fbe33985f3b90 https://irepository.uniten.edu.my/handle/123456789/30710 11 3 153 162 Scopus
institution	Universiti Tenaga Nasional
building	UNITEN Library
collection	Institutional Repository
continent	Asia
country	Malaysia
content_provider	Universiti Tenaga Nasional
content_source	UNITEN Institutional Repository
url_provider	http://dspace.uniten.edu.my/
topic	Dynamic programming Economic dispatch Portfolio optimization and unit commitment Priority listing Computer simulation Dynamic programming Financial data processing Macros Optimization Scheduling User interfaces Coal fired units Economic dispatch Economic operations Fuel cost Gas-fired Hybrid method Interactive models Least cost Least-cost solutions Load demand Macro program Malaysia MicroSoft Optimal solutions Portfolio optimization Power plant portfolio Power system scheduling Priority listing Processing Time Short-term scheduling Small-scale systems Start-up costs System constraints Unit commitments Costs
spellingShingle	Dynamic programming Economic dispatch Portfolio optimization and unit commitment Priority listing Computer simulation Dynamic programming Financial data processing Macros Optimization Scheduling User interfaces Coal fired units Economic dispatch Economic operations Fuel cost Gas-fired Hybrid method Interactive models Least cost Least-cost solutions Load demand Macro program Malaysia MicroSoft Optimal solutions Portfolio optimization Power plant portfolio Power system scheduling Priority listing Processing Time Short-term scheduling Small-scale systems Start-up costs System constraints Unit commitments Costs Selanduray H. Boosroh M.H. A least cost approach for power plant portfolio optimization in a regulated environment electricity supply industry with constraints
description	Similar to other countries, in Malaysia, the daily demand exhibits large variations between weekdays and weekend and between peak and off peak hours. The ability to follow the load demand with reliable supply of electricity and optimal economic operation is of paramount importance, which is achieved by solving two power system scheduling problems, namely, unit commitment and economic dispatch. This paper proposes a hybrid method combining priority listing and dynamic programming as the solution tool for this study, with an ultimate objective of obtaining a least cost solution for the short-term scheduling period considered subject to unit and system constraints. An interactive model built using Microsoft Excel-VBA Macro program was used to perform simulations and analyses on small scale system consisting of four gas-fired units and two coal-fired units. The optimal solution for the system studied was achieved under a reasonable processing time. The least cost solution was found by using feasible combination of units that satisfies all constraints and with total minimum fuel cost, start-up cost and variable operating cost. Higher utilization of the more efficient units is a vital factor to achieve the least cost objective.
author2	26423299800
author_facet	26423299800 Selanduray H. Boosroh M.H.
format	Article
author	Selanduray H. Boosroh M.H.
author_sort	Selanduray H.
title	A least cost approach for power plant portfolio optimization in a regulated environment electricity supply industry with constraints
title_short	A least cost approach for power plant portfolio optimization in a regulated environment electricity supply industry with constraints
title_full	A least cost approach for power plant portfolio optimization in a regulated environment electricity supply industry with constraints
title_fullStr	A least cost approach for power plant portfolio optimization in a regulated environment electricity supply industry with constraints
title_full_unstemmed	A least cost approach for power plant portfolio optimization in a regulated environment electricity supply industry with constraints
title_sort	least cost approach for power plant portfolio optimization in a regulated environment electricity supply industry with constraints
publishDate	2023
_version_	1806423278231748608
score	13.222552

A least cost approach for power plant portfolio optimization in a regulated environment electricity supply industry with constraints

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