Profit based unit commitment and economic dispatch of IPPs with new technique

► Hamiltonian technique is used first time for economic dispatch. ► Execution time of PBUC+HED is less than most of the PBUC techniques in literature. ► Always produces the solution while LR PBUC may face convergence problem. ► More attractive for IPPs w.r.t. profit as compared to the traditional techniques. ► Favorable, especially where cost curves of units are close to each other. Each generation company may have number of generating units of different fuel consumption characteristics, some generating units consume more fuel as compared to other units this directly effects the production cost and profit of the company. Production cost and profit of the company is also affected by unit commitment and economic dispatch. Each and every power generation company wants to maximize/increase profit, same is the case for independent power producers (IPPs). Profit can be maximized by changing the unit commitment and economic dispatch strategy. Previously it was achieved in such a way that production cost goes to minimum level. But as the competition in power market is going to increase day by day IPPs trend of UC solution is toward achieving maximum profit. Previously achieved solution by LR–PBUC is slow and may face convergence problem. In this paper, we will see the way how a GENCO or IPP can earn more by UC on the base of profit, with minimum computational time and always with some final solution. Hamiltonian method has been used for ED. To demonstrate the effectiveness of the PBUC achieved and Hamiltonian economic dispatch, it will be tested on two test cases. Profit and computational time comparison of proposed technique with already available/techniques for evaluation of performance are also presented.