Bid-based dynamic economic dispatch with an efficient interior point algorithm

An efficient interior point algorithm for solving the bid-based dynamic economic dispatch (BBDED) problem is proposed in this paper. This algorithm is an extension of interior point quadratic programming (IPQP), and is called the predictor-corrector interior point quadratic programming (PCIPQP) algorithm. In a competitive electricity market, the dynamic economic dispatch has evolved to become bid-based framework to maximize the profits and achieve the resource scheduling. To generate a physically feasible dispatch and market spot prices, we form BBDED problem of dealing with various constraints such as ramp rates, transmission line capacity and emission constraints. In this paper, BBDED allows both supply-side and demand-side bids in the spot market, which includes multi-player, multi-period and a large number of constraints. Compared with the pure IPQP algorithm, PCIPQP is more attractive in performance, robustness, and the property of convergence. Many numerical tests reconfirmed the advantages of the predictor-corrector method. (Author)