Economic dispatch: theory versus reality

Economic dispatch (MW) vs. marginal cost of operation ($/MWh) for ERCOT Houston in 2024.

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Fit is derived from a lognormal probability density function with μ = 3.01 and σ = 0.44. Assumes a fully dispatchable plant with 100% availability, maximum power of 100 MW and minimum power of 0 MW.

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