Economic Dispatch of Combined Cycle Power Plant: A Mixed-Integer Programming Approach

Abstract

In this article, we present a modification to the Economic Dispatch (ED) model that addresses the non-convex nature of the cost curves associated with a Combined Cycle Power Plant (CCPP). Incorporating a binary variable provides greater precision in solving the combinatorial problem in only one simulation and, most importantly, demonstrates cost minimization among the three different cost curve models for dispatching the CCPP. Our results highlight the importance of considering different demand scenarios based on a reference forecast for one day ahead. Therefore, piecewise modeling is more feasible for solving the non-convex problem, showing greater accuracy regarding the operational state of the CCPP and avoiding the cost overestimation that occurs with traditional models. Moreover, it allows the operators to manage costs better and optimize generation potential, ultimately showing economic benefits for the system operator.