Market pricing with single-generator-failure security constraints

Chao Li, Kory Hedman, Muhong Zhang

Research output: Contribution to journalArticle

2 Citations (Scopus)

Abstract

Regional transmission organisations and independent system operators include different types of security requirements to approximate system security issues. Transmission line contingencies are well handled in state-of-art market models with line outage distribution factors and, at the same time, the impacts of transmission line contingencies are reflected in energy prices. However, there is a lack of efficient mechanisms to handle generator contingencies and reflect the impacts of generator contingencies on energy prices. In this study, a set of security constraints to withstand single-generator-failure contingencies are presented and the market implications are studied. A new component of locational marginal prices, a marginal security component, which is a weighted shadow price of the security constraints, is proposed to better represent energy prices. A 3-bus system example is given to illustrate the market implications. The results are confirmed on a 73-bus system test case.

Original languageEnglish (US)
Pages (from-to)1777-1785
Number of pages9
JournalIET Generation, Transmission and Distribution
Volume11
Issue number7
DOIs
StatePublished - May 11 2017

Fingerprint

Electric lines
Security systems
Outages
Costs

ASJC Scopus subject areas

  • Control and Systems Engineering
  • Energy Engineering and Power Technology
  • Electrical and Electronic Engineering

Cite this

Market pricing with single-generator-failure security constraints. / Li, Chao; Hedman, Kory; Zhang, Muhong.

In: IET Generation, Transmission and Distribution, Vol. 11, No. 7, 11.05.2017, p. 1777-1785.

Research output: Contribution to journalArticle

@article{f8056debe1f241038b0bb0311a1344ce,
title = "Market pricing with single-generator-failure security constraints",
abstract = "Regional transmission organisations and independent system operators include different types of security requirements to approximate system security issues. Transmission line contingencies are well handled in state-of-art market models with line outage distribution factors and, at the same time, the impacts of transmission line contingencies are reflected in energy prices. However, there is a lack of efficient mechanisms to handle generator contingencies and reflect the impacts of generator contingencies on energy prices. In this study, a set of security constraints to withstand single-generator-failure contingencies are presented and the market implications are studied. A new component of locational marginal prices, a marginal security component, which is a weighted shadow price of the security constraints, is proposed to better represent energy prices. A 3-bus system example is given to illustrate the market implications. The results are confirmed on a 73-bus system test case.",
author = "Chao Li and Kory Hedman and Muhong Zhang",
year = "2017",
month = "5",
day = "11",
doi = "10.1049/iet-gtd.2016.1589",
language = "English (US)",
volume = "11",
pages = "1777--1785",
journal = "IET Generation, Transmission and Distribution",
issn = "1751-8687",
publisher = "Institution of Engineering and Technology",
number = "7",

}

TY - JOUR

T1 - Market pricing with single-generator-failure security constraints

AU - Li, Chao

AU - Hedman, Kory

AU - Zhang, Muhong

PY - 2017/5/11

Y1 - 2017/5/11

N2 - Regional transmission organisations and independent system operators include different types of security requirements to approximate system security issues. Transmission line contingencies are well handled in state-of-art market models with line outage distribution factors and, at the same time, the impacts of transmission line contingencies are reflected in energy prices. However, there is a lack of efficient mechanisms to handle generator contingencies and reflect the impacts of generator contingencies on energy prices. In this study, a set of security constraints to withstand single-generator-failure contingencies are presented and the market implications are studied. A new component of locational marginal prices, a marginal security component, which is a weighted shadow price of the security constraints, is proposed to better represent energy prices. A 3-bus system example is given to illustrate the market implications. The results are confirmed on a 73-bus system test case.

AB - Regional transmission organisations and independent system operators include different types of security requirements to approximate system security issues. Transmission line contingencies are well handled in state-of-art market models with line outage distribution factors and, at the same time, the impacts of transmission line contingencies are reflected in energy prices. However, there is a lack of efficient mechanisms to handle generator contingencies and reflect the impacts of generator contingencies on energy prices. In this study, a set of security constraints to withstand single-generator-failure contingencies are presented and the market implications are studied. A new component of locational marginal prices, a marginal security component, which is a weighted shadow price of the security constraints, is proposed to better represent energy prices. A 3-bus system example is given to illustrate the market implications. The results are confirmed on a 73-bus system test case.

UR - http://www.scopus.com/inward/record.url?scp=85028572267&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=85028572267&partnerID=8YFLogxK

U2 - 10.1049/iet-gtd.2016.1589

DO - 10.1049/iet-gtd.2016.1589

M3 - Article

AN - SCOPUS:85028572267

VL - 11

SP - 1777

EP - 1785

JO - IET Generation, Transmission and Distribution

JF - IET Generation, Transmission and Distribution

SN - 1751-8687

IS - 7

ER -