Reliability and cost analysis of interconnected power systems with jointly owned generating units operating in a market environment

The paper describes the main concepts and features of an efficient and improved computational method that was developed for conducting reliability assessment studies of interconnected power systems that may also contain jointly owned generating units operating in a market environment. It is a method based on the Monte-Carlo sequential simulation approach and can analyze systems with any given configuration and operational features. The operational behavior of the interconnected systems, interconnection lines and jointly owned generating units are simulated efficiently so that a more accurate reliability assessment is achieved. An extended set of appropriate reliability and operational indices is calculated for each system, the interconnection facilities and each jointly owned generating unit. Reliability indices can also be calculated for each load-point of interest belonging to any system. All these indices can be used to measure the changes obtained due to the operation of jointly owned generating units and can help in determining the possible advantages and disadvantages of their operation. Finally, very important indices are calculated concerning the operation of power systems in a market environment that show the additional information being gained. The analysis of a typical power system based on the IEEE-RTS is also included for various case studies representing certain operating and design features that can be applied