Trade-off Curves and Elasticity Analysis in Multi Fuel Options System and Combined Problem

Ali Nazemi, Seyed Farid Ghaderi, Shadi Khalil Moghadam and Anahita Farsaei
Additional contact information
Ali Nazemi: Kharazmi University, Department of Economics, Tehran, Iran,
Seyed Farid Ghaderi: University of Tehran, Department of Industrial Engineering, Iran,
Shadi Khalil Moghadam: Master of Industrial Engineering, Kharazmi University, Tehran, Iran,
Anahita Farsaei: Master of Industrial Engineering, University of Economic Sciences, Tehran, Iran.

International Journal of Energy Economics and Policy, 2016, vol. 6, issue 3, 646-654

Abstract: Recent environmental concerns and policies have reformulated the traditional economic dispatch problem by including the emission impacts in the mathematical model. The combined economic and emission dispatch problem is a multi-objective non-linear optimization problem. This paper presents a method to consider the fuel costs and environmental emissions simultaneously. The ?-constraint method for bi-objective optimization has been used to generate Pareto front. Furthermore, trade-off curves have been developed for different types of emission. The elasticity of cost with respect to the emission (say, emission elasticity) has been estimated for all Pareto optimal points and different types of emissions that provides invaluable information for the system operator to run the system with sufficient flexibility subject to technical constraints while the operator has multi fuel options. Moreover, the emission elasticity is effective tool for competition in the electricity market. The Iranian electricity market is considered as empirical evidence.

Keywords: Combined Economic-emission Dispatch; Emission Elasticity; Iranian Electricity Market; Multi Objective Optimization Model; ?-constraint (search for similar items in EconPapers)
JEL-codes: C6 F64 P48 Q (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eco:journ2:2016-03-35

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