Market-clearing for pricing system security based on voltage stability criteria

M.K. Kim, J.K. Park and Y.W. Nam

Energy, 2011, vol. 36, issue 2, 1255-1264

Abstract: This paper presents a novel technique for representing system security in the operation of decentralized electricity markets, with special emphasis on voltage stability. The market-clearing algorithm is modeled as voltage stability constrained-optimal power flow (VSC-OPF) problem for providing market solutions by means of a function of complying with the required voltage stability criteria. Benders’ decomposition is applied for solving the VSC-OPF incorporating post-contingency control actions, which is motivated by the improvement of computational efficiency using parallel processing. The proposed VSC-OPF framework also takes into consideration the bilateral contract information, which is integrated into the market-clearing process and, at the same time, the optimal pricing expressions through computing local marginal prices (LMPs) with respect to ensuring voltage stability are derived. VSC-OPF is tested on the IEEE 14-bus benchmark system and the results obtained, when compared to those obtained by means of a conventional OPF, show that the proposed technique is able to improve system security while yielding better market solutions and total transaction levels.

Keywords: Market-clearing; Local marginal price (LMP); Voltage stability criteria; Security constrained-optimal power flow (SC-OPF); Benders’ decomposition; Bilateral contract (search for similar items in EconPapers)
Date: 2011
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0360544210006456
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:energy:v:36:y:2011:i:2:p:1255-1264

DOI: 10.1016/j.energy.2010.11.019

Access Statistics for this article

Energy is currently edited by Henrik Lund and Mark J. Kaiser

More articles in Energy from Elsevier
Bibliographic data for series maintained by Catherine Liu ().