Impacts of bulk power system reliability constraints on power market price volatility

Author

Deng, Shi-Jie ; MelioPoulos, A. P Sakis ; Sun, Haibin

Author_Institution

Sch. of Ind. & Syst. Eng., Georgia Inst. of Technol., Atlanta, GA, USA

fYear

2004

Firstpage

362

Lastpage

366

Abstract

The paper presents a market simulation approach for investigating the impacts of power system reliability constraints on the volatility of electricity prices. A locational marginal price (LMP) based power market is considered under a full AC power flow model with voltage constraints and postulated contingency tests. The paper outlines a formulation of the security and reliability constrained AC optimal power flow for modeling pool-based power market and provides a case study examining how the volatility of LMPs varies with uncertainties in loads, voltage stability bounds and transmission outages on a 7-bus system.

Keywords

load flow; optimisation; power markets; power system security; power transmission reliability; pricing; 7-bus system; AC power flow; contingency analysis; load variation; locational marginal price; market simulation; optimal power flow; power market; power system reliability; power system security; power transmission; price volatility; voltage stability; Load flow; Power markets; Power system modeling; Power system reliability; Power system security; Power system simulation; Stability; Testing; Uncertainty; Voltage;

fLanguage

English

Publisher

ieee

Conference_Titel

Probabilistic Methods Applied to Power Systems, 2004 International Conference on

Print_ISBN

0-9761319-1-9

Type

conf

Filename

1378715