Modeling the clearing of intra-provincial power market considering the equivalent value of power supply from outside Guangdong Province under the environment of Southern Regional Market (SRM)

Focusing on the complex market environment of Guangdong Province, this research pioneers a model for assimilating external power sources into the intra-provincial power market, a critical move to support the region’s high demand for electricity driven by robust economic activities. Our study innovatively tackles the province’s fluctuating power supply and demand by employing a novel power supply equivalence and co-modulation technique, enhancing system modeling efficiency and computational effectiveness. Comparative evaluations demonstrate that our approach significantly reduces the power market’s purchase costs by 15% while safeguarding power supply stability and security. The proposed model presents a breakthrough in optimizing Guangdong’s power market’s economic and reliability aspects, offering a promising pathway for future market clearing practices.