Security Constrained Economic Dispatch with Secure Bilateral Transactions in Hybrid Electricity Markets

This paper proposes security constrained economic power dispatch (SCED) of the generators in the presence of secure bilateral transactions for hybrid electricity markets. The proposed non-linear optimization problem considers simultaneous minimization of deviations from scheduled transactions and minimization of fuel cost of the generators. The impact of bilateral transactions on fuel costs of generators and generation pattern has also been studied. The proposed technique has been applied on IEEE 24-bus reliability test system (IRTS).