Title :
Locational Marginal Price Projection using a Novel RBFNN Approach in Spot Power Market
Author :
Pandey, Seema N. ; Tapaswi, Shashikala ; Srivastava, Laxmi
Author_Institution :
ABV-IIITM, Gwalior
Abstract :
The emerging trend of restructuring in the electric power industry has spawned a need of changed pricing mechanism, which can provide correct economic incentives and also facilitate the physical operation of the power network. Nodal/locational pricing mechanism in spot power market is an efficient tool for congestion management, as it provides implicit capacity allocation through bids for production/consumption at a specific location. In this regard optimal nodal prices can be decomposed into two components, locational marginal prices (LMP) and nodal congestion prices (NCP). The conventional methods for computing these prices are no more suitable for spot electricity market as these are too slow and case sensitive methods. This paper presents soft computing based approach for projecting locational marginal prices in spot power market by developing a novel radial basis function neural network (RBFNN). The effectiveness of the proposed approach is examined on 6-bus system and RTS 24-bus system and is found computationally efficient.
Keywords :
power engineering computing; power markets; power system economics; pricing; radial basis function networks; 6-bus system; RBFNN approach; RTS 24-bus system; congestion management; economic incentives; electric power industry; locational marginal price projection; nodal/locational pricing mechanism; power network operation; pricing mechanism; radial basis function neural network; soft computing-based approach; spot power market; Computer networks; Costs; Electricity supply industry; Energy management; Power generation economics; Power markets; Power system security; Pricing; Propagation losses; Radial basis function networks; Congestion management; Euclidean distance based clustering; Locational marginal price; Nodal congestion price; Radial basis function neural network; Restructuring;
Conference_Titel :
Power System Technology and IEEE Power India Conference, 2008. POWERCON 2008. Joint International Conference on
Conference_Location :
New Delhi
Print_ISBN :
978-1-4244-1763-6
Electronic_ISBN :
978-1-4244-1762-9
DOI :
10.1109/ICPST.2008.4745216
