This project aims to gain empirical understanding of key concepts of wholesale energy market via numerical simulation of the IEEE 5-bus model of the Pennsylvania-New Jersey-Maryland (PJM) Power Grid Interconnection:

Project highlights:

This page is a high level overview of one of the problems I solved in my final project. Click here to see the full assignment and click here to see my full solution.

Consider the multi-interval economic dispatch problem where the dispatch of all intervals are determined simultaneously. Let P_it be the generation level of generator i in interval t. The multi-interval economic dispatch is to determine the optimal dispatch level P*it for all generators and the flexible demand D*4t in all intervals, subject to (i) the power balance constraints in each interval and (ii) ramping constraint between adjacent intervals. The inelastic demands D2 and D3 ramps as below:

Assume that the ramping constraints of all generators and flexible demand are symmetrical and they are 6% of individual generation and consumption limits. There is no initial ramping constraint.