Stability analysis of the hybrid dynamics coupling power systems with power markets

The interconnections and mutual impacts between the real-time market update process and the physical response of the power system will bring about new stability issue. This paper presents a more realistic discrete-time pricing model including congestion management, then models the coupling dynamics of the power systems and markets as a nonlinear hybrid system. And based on the locally sampling theorem, the corresponding asymptotical stability analysis method is also given. In addition, the impacts of market clearing time, congestion management and price responsive loads on the stability are explored through simulations, which can offer useful guidance to the design of future market.