A cobweb theory-based maintenance coordination algorithm is proposed in this study. It is an iterative process in which, initially, the independent market operator (IMO) declares the interval electricity price for the period of concern. The generation companies (GenCos) would then provide the independent system operator (ISO) and the IMO with their own maintenance proposals; based on their own objectives and constraints. The ISO would evaluate the impact of the maintenance proposals on the reliability indices and assign some penalties/rewards to the GenCos; in proportion to their contributions in reliability index violation from a desirable level. On the other hand, the IMO would declare the new electricity prices, considering the new maintenance proposals. These two signals would be used by the GenCos to review and modify their maintenance proposals. The procedure is repeated until an equilibrium point is reached. For convergence assurance, a memory rate is introduced by which the GenCos earlier experiences in providing the ISO with the maintenance proposals are, somehow, taken into account. The capabilities of the proposed algorithm are assessed and evaluated on IEEE reliability test system.

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