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Regular Paper | Open Access

Formulation of Locational Marginal Electricity-carbon Price in Power Systems

Junlong Li1, Yue Xiang2 ( ), Chenghong Gu1, Wei Sun3, Xiangyu Wei2, Shuang Cheng1, Junyong Liu2
Department of Electronic and Electrical Engineering, University of Bath, Bath, UK
College of Electrical Engineering, Sichuan University, Chengdu, China
School of Engineering, University of Edinburgh, Edinburgh, UK
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Abstract

Decarbonisation of power systems is essential for realising carbon neutrality, in which the economic cost caused by carbon needs to be qualified. Based on the formulation of locational marginal price (LMP), this paper proposes a locational marginal electricity-carbon price (EC-LMP) model to reveal carbon-related costs caused by power consumers. A carbon-price-integrated optimal power flow (C-OPF) is then developed to maximise economic efficiency of the power system considering the costs of electricity and carbon. Case studies are presented to demonstrate the new formulation and results demonstrate the efficacy of the EC-LMP-based C-OPF on decarbonisation and economy.

Keywords

locational marginal priceoptimal power flowCarbon abatement costcarbon tarifflocational marginal electricity-carbon price

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CSEE Journal of Power and Energy Systems
Volume 9 Issue 5,
September 2023
Pages 1968-1972
DOI: 10.17775/CSEEJPES.2021.06400
Cite this article:
Li J, Xiang Y, Gu C, et al. Formulation of Locational Marginal Electricity-carbon Price in Power Systems. CSEE Journal of Power and Energy Systems, 2023, 9(5): 1968-1972. https://doi.org/10.17775/CSEEJPES.2021.06400

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Received: 27 August 2021
Revised: 24 March 2022
Accepted: 07 July 2022
Published: 12 October 2022
© 2021 CSEE.

This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
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