Locational security impact factors for security index constrained economic dispatch problem

In security constrained economic dispatch, the generation is determined such as to minimize cost to supply the load while fulfilling all of the operational constraints in normal operation and contingency cases. The formulation of a security index provides a quantitative measure for the security in the system and also allows for the determination of the impact of generators on security. Hence, in this paper, first two different security indices are formulated: a violation-based security index and a risk-based security index. These security index formulations are used to introduce locational security impact factors which similarly to the information that locational marginal prices provide for generation economics, give insights into the location dependent impact on system security. These impact factors are then integrated into an iterative approach for the determination of the optimal generation settings given a specific bound on the desired level of system security.