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

Author

Listed:
  • 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.)

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.

Suggested Citation

  • Ali Nazemi & Seyed Farid Ghaderi & Shadi Khalil Moghadam & Anahita Farsaei, 2016. "Trade-off Curves and Elasticity Analysis in Multi Fuel Options System and Combined Problem," International Journal of Energy Economics and Policy, Econjournals, vol. 6(3), pages 646-654.
    • Handle: RePEc:eco:journ2:2016-03-35
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    References listed on IDEAS

    as
    1. Bérubé, Jean-François & Gendreau, Michel & Potvin, Jean-Yves, 2009. "An exact [epsilon]-constraint method for bi-objective combinatorial optimization problems: Application to the Traveling Salesman Problem with Profits," European Journal of Operational Research, Elsevier, vol. 194(1), pages 39-50, April.
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    Cited by:

    1. Zhanar M. Orynkanova & Diana I. Stepanova, 2020. "Evaluation of the Economic Efficiency of Heat Recovery from Exhaust Gas of Diesel Power Plants in Kazakhstan," International Journal of Energy Economics and Policy, Econjournals, vol. 10(4), pages 399-404.

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    More about this item

    Keywords

    Combined Economic-emission Dispatch; Emission Elasticity; Iranian Electricity Market; Multi Objective Optimization Model; ?-constraint;
    All these keywords.

    JEL classification:

    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • F64 - International Economics - - Economic Impacts of Globalization - - - Environment
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies
    • Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics

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