Generation Expansion Planning in Competitive Electricity Market by Using Hybrid Game Theory and ABC Algorithm

One of the main challenges of restructured power systems is to maintain sufficient installed generation capacity to meet system demand in different load points both for present and future time. Generation Expansion Planning (GEP) problem in competitive framework unlike the traditional framework, is complicated. In the new policy, each Generation Company (GENCO) decides to invest in such a way that obtains maximum possible profit. In this paper, a new method is used to solve the GEP problem in competitive market. This method solves the problem in two levels: national and regional level. In the regional level, an Artificial Bee Colony algorithm (ABC) is used to find the best solution of each GENCO for decision-making of investment. This result will be send to the Independent System Operator (ISO). In the national level a Modified Game Theory (MGT) is proposed to evaluate the contrast of GENCOs by the ISO. The results of method show that the presented method is satisfactory and compatible with expectation.

Keywords:

component , GEP , ABC , Competitive market , Modified game theory (MGT) , Market clearing price (MCP