Dynamic Market-Clearing Model in a Hybrid Power Market Using Parallel Processing
Publication: Journal of Energy Engineering
Volume 143, Issue 1
Abstract
Electricity sector restructuring has introduced competition to the electric power industry by establishing appropriate pricing signals that can maintain the security and economic performance of the power market and help minimize stability problems. In this paper, a market-clearing model for pricing system security in a hybrid power market utilizing pool and bilateral transactions is proposed. The market-clearing procedure uses small-perturbation stability-constrained optimal power flow (SSC-OPF) to help independent system operators (ISOs) adhere to required stability criteria. A contingency screening method in which only transmission line outages that threaten system stability are also considered to reduce the size of the SSC-OPF problem. Using a decomposition method, the determination of small-signal instabilities under an N-1 contingency criterion is specifically divided from the main SSC-OPF problem, and the results of the required stability criteria, along with those of decomposition formulae that adequately price electricity by computing nodal prices (NPs) and nodal congestion prices (NCPs), are demonstrated in terms of market solutions. To verify the effectiveness of this proposed market-clearing scheme, it is analyzed using an IEEE 14-bus test system; the results show that the proposed approach can be used to improve market and system operation by more accurately modeling system stability.
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Acknowledgments
This research was supported by Korea Electric Power Corporation through Korea Electrical Engineering & Science Research Institute (grant number R15XA03-55).
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Published In
Journal of Energy Engineering
Volume 143 • Issue 1 • February 2017
Copyright
© 2016 American Society of Civil Engineers.
History
Received: Jul 6, 2015
Accepted: Feb 23, 2016
Published online: Jun 30, 2016
Discussion open until: Nov 30, 2016
Published in print: Feb 1, 2017
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