Electricity Market Environment

Abstract: The work presented here consists of detailed understanding of general market, electrical market, need of electricity markets and its objectives. All the entities and its role indulged in the electricity market architecture are also mentioned. It involves detailed classification of electrical market, the role of Independent System Operator which includes its responsibilities, principles, prescriptions and activities thereby. The paper focusses on the Generating Company (GENCO) which expresses the behaviour of genco in pool and bilateral markets. To accomplish the task, some statistical data related to the generating company are being shown. And at last, the load forecasting using Statistical Model based learning method is being carried out for different days. The percentage deviation of Actual drawl and Final schedule is being presented which clearly shows the variation is between 5 to 10 percent.

Keywords: Electrical Market, Genco.