A simulation tool for calculating energy prices in competitive electricity markets

Author

Xu, Xiaokang ; Lane, Derek W. ; Edmonds, Michael J S

Author_Institution

Power Technol. Int. (Siemens PTI), Siemens Power Transm. & Distrib., Inc., Schenectady, NY

fYear

2008

fDate

6-9 April 2008

Firstpage

7

Lastpage

11

Abstract

This paper presents a software tool, PSStradeLMP , for simulating true energy market operation conditions and prices using security-constrained unit commitment and security-constrained economic dispatch. PSStradeLMP has been integrated with Siemens PTI´s world-wide used transmission planning tool, PSStradeE, allowing for full transmission network modeling and providing a fundamental and essential foundation for LMP analysis. PSStradeLMP analyzes the effects of network conditions and determines LMP at each node as well as energy production cost components. The core function of PSStradeLMP is a 24-hour simulation for LMP-based electricity markets or energy price forecasting. Simulation results can be viewed as tables, displayed on a diagram of the network, or presented as a time-series plot. In conjunction with PSStradeE, PSStradeLMP can be used as a complimentary tool for market-based transmission planning.

Keywords

power generation dispatch; power markets; power system simulation; power transmission economics; power transmission planning; pricing; LMP analysis; PSStradeE; PSStradeLMP; Siemens PTI; competitive electricity markets; energy price calculation; energy price forecasting; locational marginal pricing; security-constrained economic dispatch; security-constrained unit commitment; simulation tool; software tool; transmission network modeling; transmission planning tool; Costs; Economic forecasting; Electricity supply industry; ISO; Load forecasting; Power generation economics; Predictive models; Pricing; Production; Software tools; Financial Transmission Rights; Locational Marginal Pricing; Security-Constrained Economic Dispatch; Security-Constrained Unit Commitment; Standard Market Design;

fLanguage

English

Publisher

ieee

Conference_Titel

Electric Utility Deregulation and Restructuring and Power Technologies, 2008. DRPT 2008. Third International Conference on

Conference_Location

Nanjuing

Print_ISBN

978-7-900714-13-8

Electronic_ISBN

978-7-900714-13-8

Type

conf

DOI

10.1109/DRPT.2008.4523371

Filename

4523371