Title :
New insights into the dynamic stability of wholesale electricity markets
Author :
Zavala, Victor M. ; Anitescu, Mihai
Author_Institution :
Math. & Comput. Sci. Div., Argonne Nat. Lab., Argonne, IL, USA
Abstract :
We summarize some recent results on the dynamic stability of wholesale electricity markets. We discuss how to construct control-theoretic market analysis frameworks using concepts of market efficiency, Lyapunov stability, and predictive control. Such frameworks can be used to design, analyze, and monitor the stability and robustness properties of different market designs. In particular, we discuss how short forecast horizons, incomplete gaming, and physical ramping constraints can give rise to stability issues.
Keywords :
Lyapunov methods; power markets; predictive control; robust control; Lyapunov stability; control-theoretic market analysis; dynamic stability; market efficiency; physical ramping constraint; predictive control; robustness properties; wholesale electricity market; Cost function; Games; Generators; ISO; Lyapunov methods; Numerical stability; Stability analysis;
Conference_Titel :
Computer-Aided Control System Design (CACSD), 2011 IEEE International Symposium on
Conference_Location :
Denver, CO
Print_ISBN :
978-1-4577-1066-7
Electronic_ISBN :
978-1-4577-1067-4
DOI :
10.1109/CACSD.2011.6044562
