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The paper proposes a mechanism for real-time pricing of electricity in smart power grids, with price stability as the primary concern. In previous publications the authors argued that relaying the real-time wholesale market prices to the end consumers creates a closed loop feedback system which could be unstable or lack robustness, leading to extreme price volatility. In this paper, a mathematical...
Proxy limits are used to represent voltage constraints from an AC power flow as line flow constraints in a DC power flow. When a DC power flow is used to settle markets, the use of proxy limits can introduce errors in LMPs, dispatch, or both. This paper describes a method to obtain the optimal set of proxy limits for known voltage constraints. We discuss the general properties of these proxy limits.
An effective nodal price modeling is the key factor in managing transmission issues, which is able to generate correct economic signal. This paper examines the main idea behind the congestion-based nodal price modeling and further discusses the techniques used to incorporate transmission usage tariff into the model as a scheme of the authors' proposed models. In this comprehensive approach pricing...
Bottlenecks on transmission line becomes an obstacle for the perfect competition of power market. One obvious drawback of such constraint is congestion. When congestion occurs, power market may be inefficient due to re-dispatch of generators connected to the grid. Energy prices vary throughout the network as generating costs raise in congested area, called locational marginal prices (LMP). In this...
Basic concept of nodal price modeling in competitive market environment and some special considerations on its formulation are presented in this paper. Nodal prices represented by locational marginal prices (LMP) based settlement strategy is carried out in a deregulated market environment to establish the amount of money received by generation companies from system operator and paid to system operator...
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