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Abstract: This paper presents a generalized optimal model that dispatches the pool in combination with privately negotiated bilateral and multilateral contracts while maximizing social benefit has been proposed. This model determines the locational marginal pricing (LMP) based on marginal cost theory. It also determines the size of non-firm transactions as well as pool demand and generations. Both firms as well as non-firm transactions are considered in this model. The proposed model has been applied to IEEE-30 bus test system. In this test system different types of transactions are added for analysis of the proposed model. [Copyright &y& Elsevier]

The intuition of the power distribution system is to supply good quality of power to the customers with cost-effectively and environment friendly. Renewable energy resources (RES) are integrated in the distribution system to meet out the variable load demand with the decarbonizing effect. With the inclusion of RES, the operation of Distribution Network (DN) has become more complex. This paper describes the state of art in various load flow methods used to analyze the parameters in DN. This paper emphasizes upon the various challenges of DN with the integration of RES. It reviews the various pricing methodologies for the delivered power in DN elaborately. The importance of Demand Side Management (DSM) and energy storage in DN are explored in this paper. The analysis of nodal voltages in the DN with Solar PV, Storage, PHEV and Diesel sources is demonstrated on IEEE four node test feeder. [ABSTRACT FROM AUTHOR]