ALLOCATION OF OPTIMIZED WHEELING PRICES THROUGH TRACING IN COMPETITIVE POWER MARKET

In this paper used wheeling capacity based OPF-mile pricing methodology has been proposed for optimization of wheeling prices under open access environment of competitive electric power market. Used capacity based wheeling pricing enhances efficient use of existing wheeling network and provides correct economic signals among market participants (suppliers and buyers). For optimizing wheeling flows and hence wheeling prices a modified bat algorithm (MBA) based approach has been put forward. Employing power tracing, allocation of these optimized wheeling prices across each market participants has been achieved for various bilateral and multilateral transactions. In the present flow based wheeling pricing approach to provide diversity, three flow variants namely absolute, zero counter flow (ZCF) and reverse have been considered. These optimized flow variants based methodology of wheeling pricing not only ensures the outright recovery of fixed wheeling cost but also supports congestion management. The present work has been demonstrated on IEEE 30-bus system and an Indian Utility 62-bus system based power markets. The proposed MBA technique for optimizing wheeling pricing has been compared with a well-established evolutionary optimization technique i.e. GA and found satisfactory.