Probabilistic Calculation of Locational Marginal Price Taking Account of Correlated Loads

Author

Dong, Lei ; Wang, Wenbo ; Lin, Shan

Author_Institution

North China Electr. Power Univ., Beijing, China

fYear

2012

fDate

27-29 March 2012

Firstpage

1

Lastpage

4

Abstract

This paper considers the uncertain factors under electricity market, calculates the probabilistic distribution of the Locational Marginal Price (LMP) based on the Point Estimate Method (PEM) 2n+1 scheme. What is more, the correlated loads are considered. The method has higher efficiency than Monte Carlo Simulation (MCS), and the procedure of linearizing the power flow equation in analytical method can be avoided. The paper considers the correlation among loads based on the Cholesky decomposition, avoids the tedious procedure getting the eigenvalue and eigenvector of the covariance matrix. Finally, the method is verified on IEEE-30 system. Moreover, the correlation among loads impact of LMP is analyzed.

Keywords

IEEE standards; covariance matrices; eigenvalues and eigenfunctions; estimation theory; load flow; power markets; pricing; probability; Cholesky decomposition; IEEE-30 system; LMP; MCS; Monte Carlo simulation; PEM 2n+1 scheme; covariance matrix; eigenvalue-eigenvector; electricity market; load correlation; locational marginal price; point estimate method 2n+1 scheme; power flow equation linearization; probabilistic distribution calculation; Correlation; Covariance matrix; Load flow; Mathematical model; Probabilistic logic; Random variables; Standards;

fLanguage

English

Publisher

ieee

Conference_Titel

Power and Energy Engineering Conference (APPEEC), 2012 Asia-Pacific

Conference_Location

Shanghai

ISSN

2157-4839

Print_ISBN

978-1-4577-0545-8

Type

conf

DOI

10.1109/APPEEC.2012.6307483

Filename

6307483