Analyzing the impacts of out-of-market corrections

Yousef Al-Abdullah, Mojdeh Hedman, Kory Hedman

Research output: Chapter in Book/Report/Conference proceedingConference contribution

15 Scopus citations

Abstract

The electric power grid is one of the most complex engineered systems today. Managing thousands of transmission assets spanning many miles and interconnecting regions and countries together combined with optimizing many generators with complex operating requirements creates a very challenging scheduling problem. Such a challenging problem becomes even more complex with resource uncertainty and stringent reliability standards. In order to solve such complex optimization problems within reasonable timeframes, approximations are required. The consequence of such approximations, however, is the need to implement out-of-market corrections (uneconomic adjustments). This paper presents an overview of out-of-market corrections, an overview of industry related practices that require out-of-market corrections, multiple algorithms that can be used to determine out-of-market corrections, and the various costs and market implications due to out-of-market corrections.

Original languageEnglish (US)
Title of host publicationProceedings of IREP Symposium
Subtitle of host publicationBulk Power System Dynamics and Control - IX Optimization, Security and Control of the Emerging Power Grid, IREP 2013
DOIs
StatePublished - Dec 23 2013
Event2013 IREP Symposium on Bulk Power System Dynamics and Control - IX Optimization, Security and Control of the Emerging Power Grid, IREP 2013 - Rethymno, Greece
Duration: Aug 25 2013Aug 30 2013

Publication series

NameProceedings of IREP Symposium: Bulk Power System Dynamics and Control - IX Optimization, Security and Control of the Emerging Power Grid, IREP 2013

Other

Other2013 IREP Symposium on Bulk Power System Dynamics and Control - IX Optimization, Security and Control of the Emerging Power Grid, IREP 2013
CountryGreece
CityRethymno
Period8/25/138/30/13

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ASJC Scopus subject areas

  • Energy Engineering and Power Technology
  • Control and Systems Engineering

Cite this

Al-Abdullah, Y., Hedman, M., & Hedman, K. (2013). Analyzing the impacts of out-of-market corrections. In Proceedings of IREP Symposium: Bulk Power System Dynamics and Control - IX Optimization, Security and Control of the Emerging Power Grid, IREP 2013 [6629389] (Proceedings of IREP Symposium: Bulk Power System Dynamics and Control - IX Optimization, Security and Control of the Emerging Power Grid, IREP 2013). https://doi.org/10.1109/IREP.2013.6629389