Document Type : Original Article


Future Technology Research Center, National Yunlin University of Science and Technology, Douliou, Yunlin, Taiwan



Several methods have been proposed for sale and payment mechanisms in electricity markets; but, appropriate evaluation of this mechanisms is so difficult. The offer cost minimization (OCM) has been presented previously for solving this problem which minimizes the total offer cost through the evaluation by locational marginal prices (LMPs). In recent years, payment cost minimization (PCM) method is suggested which directly minimizes the consumer payments and is more complicated than OCM in terms of framework and converting to single-level linearized optimization problem as well as computational burden. In the current study, a new meta-heuristic optimizer has been proposed for to PCM through solving the joint energy-reserve PCM problem. The achievements are put in comparison with conventional model based offer cost minimization through various studied cases.  


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