Quantifying the impact of unscheduled line outages on Locational Marginal Prices

Author

Lotfifard, Saeed ; Le Xie ; Kezunovic, Mladen

Author_Institution

Dept. of Electr. & Comput. Eng., Texas A&M Univ., College Station, TX, USA

fYear

2010

fDate

26-28 Sept. 2010

Firstpage

1

Lastpage

6

Abstract

In this paper, we present a systematic approach for quantifying the impact of unscheduled line outages on real-time Locational Marginal Price (LMP). The probabilistic LMP is formulated with consideration of generation, load, and topology uncertainties. A computationally efficient 2n + 1 point estimation method is adopted to calculate statistical moments of LMP due to unscheduled transmission line outages. The proposed approach is demonstrated in a modified PJM five-bus system. Result of such study is beneficial for power market participants in developing a more comprehensive bidding strategy.

Keywords

power markets; power transmission economics; power transmission lines; pricing; comprehensive bidding strategy; modified PJM five-bus system; point estimation method; power market; probabilistic LMP; real-time locational marginal price; unscheduled transmission line outages; Load flow; Mathematical model; Network topology; Probabilistic logic; Random variables; Topology; Uncertainty; Electricity markets; Probabilistic LMP; network topology; uncertainty analysis;

fLanguage

English

Publisher

ieee

Conference_Titel

North American Power Symposium (NAPS), 2010

Conference_Location

Arlington, TX

Print_ISBN

978-1-4244-8046-3

Type

conf

DOI

10.1109/NAPS.2010.5618984

Filename

5618984