THE IMPACT OF FORECASTED ELECTRICITY PRICE ON  SELF-SCHEDULING FOR COMBINED-CYCLE GAS TURBINE POWER PLANT  IN ELECTRICITY MARKETS

Nguyễn Duy Đức; Phạm Năng Văn

doi:10.34238/tnu-jst.12808

THE IMPACT OF FORECASTED ELECTRICITY PRICE ON SELF-SCHEDULING FOR COMBINED-CYCLE GAS TURBINE POWER PLANT IN ELECTRICITY MARKETS

About this article

Received: 14/05/25 Revised: 24/10/25 Published: 27/10/25

Authors

1. Nguyen Duy Duc, School of Electrical and Electronic Engineering - Hanoi University of Science and Technology
2. Pham Nang Van , School of Electrical and Electronic Engineering - Hanoi University of Science and Technology

Abstract

In the context of the global power system’s transition towards environmental friendliness and carbon emission reduction, combined cycle gas turbine power plants play a crucial role. They feature flexible operation, high efficiency, and lower greenhouse gas emissions compared to coal-fired power plants. The operational schedule, including operating status and power output, significantly impacts the economic efficiency of combined cycle gas turbine plants. However, the operational schedule of these power plants is heavily dependent on electricity prices and technical constraints. Therefore, this paper proposes a mixed-integer linear programming model to solve the self-scheduling problem for combined cycle gas turbine plants, considering the influence of forecasted electricity prices and minimum up/down time constraints. The objective function of the proposed optimization model is to maximize profit while ensuring the technical constraints of the generating unit. The proposed model is implemented using the GAMS programming language and the CPLEX optimizer. The calculation results show that forecasted electricity prices and minimum up/down time constraints have a significant impact on the operational schedule of combined cycle gas turbine plants.

Keywords

Self-scheduling; Combined-cycle gas turbine; Electricity markets; Electricity price; Mixed-integer linear programming

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DOI: https://doi.org/10.34238/tnu-jst.12808

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